Kuwait Energy Plc signed a farm-out agreement to give Egypt's General Petroleum Corp (EGPC) a 20 percent participating interest for the Siba field in Iraq, the company said in an emailed statement on Wednesday.
The agreement, signed in Egypt on Monday, remained subject to Iraqi regulatory approval.
The Siba deal marks the second partnership between Kuwait Energy and EGPC in southern Iraq. EGPC became a partner last year in the Block 9 concession operated by the Kuwaiti firm.
Kuwait Energy was awarded a 20-year gas development and production service contract for the Siba field in 2011, granting the company operatorship and 45 percent revenue interest.
Source: Arabian Business