Medco, Kuwaiti firm establish venture to manage Omani oil fields

Publicly listed oil and gas firm PT Medco Energi Internasional Tbk together with Kuwaiti firm Kuwait Energy Company (KEC) has formed a new company to manage the Karim field located at the southern Nimr-Karim area of Oman, the AME Info Web site reported Thursday.

The new company, Medco L.L.C., will enter into a service contract with Petroleum Development Oman (PDO) for the development of a cluster of 18 fields in the Nimr-Karim area, which produce more than 9,000 barrels of oil per day, the report said.

Medco L.L.C. will operate with a non-operating partner Oman Oil Company, a commercial company 100 percent owned by the Government of the Sultanate of Oman.

?The Karim fields service contract with PDO will be signed at a ceremony on March 21. The term of this Service Contract is 10 years, but extendable,? the report quoted KEC Chief Executive Officer, Sara Akbar, as saying on Thursday.

Akbar also said that KEC is working with Medco seeking opportunities for further partnerships in the Middle East.

KEC is an exploration and production company established in Kuwait in August 2005, with an authorized capital of 100 million dinars (US$343 million). (*)