China’s United Energy Group (UEG) has shifted two non-producing Yemen blocks from one subsidiary to another, taking them from Egypt and Iraq focused Kuwait Energy to British Virgin Island registered holding group, Merry Year Investments.
In its Q1 financial results, posted 28 June, Kuwait Energy said it completed the transaction “to sell entire shares of Kuwait Energy Yemen Limited for a cash considering of US$1.” Blocks 5 and 43 in Yemen produced a combined 4,720 b/d in 2013 and 4,460 b/d in 2014 but have been under force majeure since 2015. (CONTINUED - 109 WORDS)