GlobalConnect Ltd announced it received Egypt’s final approval to aquire a 25% participating interest for petroleum exploration and exploitation in the Western Desert’s Abu Sennan Area. Upon the government’s approval, the company can officially proceed with its duties and responsibilities as full partner in the concession, Egypt Oil & Gas reports.
The acquisition is part of the Farmout Agreement (FOA) signed between GlobalConnect and Kuwait Energy. The contract, with effective date of December 31, 2016, was signed by Sherif Foda, Founder and Chairman of GlobalConnect, and Sara Akbar, Kuwait Energy’s CEO.
“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,” Sherif Foda stated on the occasion of FOA’s signing ceremony.
GlobalConnect is a newly established oil and gas Exploration and Production company with focus on the Middle East and North Africa.