Kurdish conglomerate Kar Group is expanding its upstream footprint in Federal Iraq after its affiliate KEPPT signed an agreement this week in partnership with Oman’s Petrogas to develop the Ajeel oil field. The companies have been awarded a 25-year development contract to develop the field in the northern Saladin province.
The contract was signed on 12 September between the oil ministry’s North Oil Company (NOC) and Kar Electrical Power Production Trading (KEPPT), the group’s electricity-focused subsidiary. The ministry said in a statement that KEPPT will “gradually” increase output at Ajeel from 30,000 b/d liquids and 135mn cfd natural gas to 40,000 b/d and 300mn cfd. (CONTINUED - 779 WORDS)
