Kuwait Energy Co. (KEC) will likely spend about $400 million over the next two years to drill wells and build pipelines and surface facilities at the gas fields in Iraq, Sara Akbar, CEO KEC said in an interview.
“It’s very simple. From the beginning, our ambition was to be able to develop gas in Iraq and to export some of that gas to Kuwait,” the top official said in an interview.
A further $125 million is targeted for fast track exploration at Block 9, which KEC snared in last year’s fourth licensing round. Dragon Oil PLC is its minority partner in the promising southern oil block, which straddles the border with Iran.
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