Kuwait Energy obtained the necessary approvals to complete the sale of 25% of its stake in the Abu Sennan concession to Global Connect Ltd, the company announced in a statement to Reuters yesterday. The two sides had signed a Farm Out Agreement in December last year but had been waiting for the EGPC and Oil Ministry to sign off on the transaction, the value of which remains undisclosed. The agreement reduces Kuwait Energy’s share to 25%, but the firm will continue to manage the concession. Dover Investment holds 28% and Rockhopper Exploration hold 22%.

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