Vancouver firm eyes Kuwait Energy licenses

By OGJ editors
HOUSTON, Nov. 8 -- East West Petroleum Corp., Vancouver, BC, will apply emerging unconventional oil and gas technologies on concessions held by Kuwait Energy Co. in the Middle East, North Africa, and Eurasia.

The purpose of the agreement is to identify unconventional resource plays such as shale gas, shale oil, and tight gas sands for future development. Technical studies will include comprehensive rock and formation analyses, state-of-the-art drilling design, and modern reservoir fracturing applications for select unconventional and conventional reservoirs.

The agreement covers more than 5 million acres on 13 licenses in four countries in which Kuwait Energy holds interests.

Kuwait Energy is one of the few independent oil and gas exploration and production companies operating in the Middle East. Profitable since inception in 2005, it operates in Egypt, Yemen, Oman, Ukraine, Latvia, Russia, and Pakistan. Kuwait Energy’s proved and probable reserves at yearend 2009 were 51.2 million boe. Current production is 14,000 boe/d.