Oil Egypt accountACCOUNT King Tut

GlobalConnect Receives Final Approval of Acquisition of 25% in Abu Sennan

Source: www.gulfoilandgas.com 10/3/2017, Location: Egypt

Share |
GlobalConnect Ltd, a newly established Oil and Gas Exploration and Production company with focus on MENA (Middle East and North Africa) region, has announced the final approval of Egypt government of its acquisition of 25% (twenty five percent) Participating Interest in the Concession Agreement for the Petroleum Exploration and Exploitation in Abu Sennan Area of Egypt Western Desert.

Farmout Agreement (FOA) was executed on December 15th, 2016, between Kuwait Energy plc (“Kuwait Energy”) and GlobalConnect with effective date of December 31st, 2016. FOA was signed by Sherif Foda – Founder and Chairman of GlobalConnect and Sara Akbar – CEO of Kuwait Energy.

Upon this final approval of Egypt government, GlobalConnect can officially assume its duties and responsibilities as full partner in the Abu Sennan concession.

On this occasion, Sherif Foda stated: “We are thankful to the Government of Egypt and specifically to the Ministry of Petroleum for bestowing their trust in our company, thus rendering Abu Sennan our first actual project. We are both proud and honored to play an active role in the relaunch initiative of the Egypt Oil & Gas industry led by the ministry. This endeavor will enable us to further invest into the fast-growing economy of Egypt.

We anticipate working with all our partners; Dover and Rockhopper, alongside Kuwait Energy, who has exhibited an outstanding performance as operator of the Abu Sennan concession.”

Subsequently, Sara Akbar commented: “We are very pleased to be working alongside the GlobalConnect team welcoming a wealth of technical expertise to further enhance our growth, development and exploration efforts in Egypt. Moreover, we look forward to a mutual longterm collaboration with GlobalConnect operationally focused to create optimal value for Egypt and all our partners.

Our continued success in Egypt could not have been achieved without the exceptional support from our team and our unique partnership with the Egyptian General Petroleum Corporation and the Egyptian Government.”



Egypt >>  10/31/2018 - Egypt’s state-owned Middle East Oil Refinery Company (Midor) has signed a $1.2 billion loan agreement with three international, the petroleum ministry...
Egypt >>  10/26/2018 - Minister of Petroleum and Mineral Resources Tareq el Molla discussed with President and CEO of Malaysia’s Petronas Wan Zulkiflee means of boosting the...

Egypt >>  10/24/2018 - Egypt's Minister of Petroleum Tarek El-Molla has announced that Egypt will offer the first bid on oil and gas excavation in the Red Sea before the end...
Egypt >>  10/24/2018 - TransGlobe Energy Corporation (TransGlobe) announces an operations update. All dollar values are expressed in US dollars unless otherwise stated. ...

Egypt >>  10/22/2018 - Apex International Energy, an independent oil and gas exploration and production company focused on Egypt and other Middle Eastern and North African c...
Egypt >>  10/20/2018 - An oil well in the West Nile Delta Project's 9b phase started production, the Ministry of Petroleum and Mineral Resources said in a statement. ...

More News

Oil & Gas Projects in Egypt >>

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us