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In a quietly released earnings update late last month, Bahrain-headquartered firm Kuwait Energy (KEC) confirmed that its $651mn takeover by China’s United Energy Group ( MEES, 28 September 2018 ) is pushing onward having been approved by KEC’s board in December. The firms are now “endeavoring to have all the outstanding [contract] conditions completed or waived by 30 June.”
United’s takeover of KEC’s Middle East-focused portfolio will give it numerous assets in Iraq and Egypt including Iraq’s 30,000 b/d Faihaa field (KEC 60% op, Dragon 30%; EGPC 10%) and the 25mn cfd Siba gas field (Kuwait Energy 30%op, Turkey’s TPAO 30%, Egypt’s EGPC 15%, Missan 25%) where output is expected to reach 100mn cfd (and 15,000 b/d condensate) in the second half of the year. United’s takeover would mark yet another Chinese firm increasing its plays in Iraq ( MEES, 25 May 2018 ). (CONTINUED - 137 WORDS)