Kuwait Energy Co. sold a 22% stake in Egypt’s Abu Sennan oil concession to Beach Energy Ltd. (BPT) in Australia, leaving it with 50% of the business, it said in an e-mailed statement today.
Kuwait Energy said it will also sell a 15% share in the Mesaha concession to the Australian oil and gas producer in “coming months” after getting government approval.
Kuwait Energy, which was set up in 2005, operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.
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