East West and Kuwait Energy signs agreement for oil and gas technologies

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East West Petroleum Corporation and Kuwait Energy Company one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today entered into a three-year agreement, a Calgary-based exploration and production company, for the application of emerging unconventional oil and gas technologies in concessions owned by Kuwait Energy.

Kuwait Energy will benefit from East West Petroleum’s technologies in identifying resource plays such as: shale gas, shale oil and tight sand gas, for future development. The identification process is studied through comprehensive rock and formation analyses, state-of-the-art drilling design and modern reservoir fracturing applications for unconventional and conventional reservoirs.

Under the terms of this agreement, East West Petroleum will have the right to negotiate, on an exclusive basis, to acquire equity-sharing arrangements for commercial benefit of unconventional developments in the acreage evaluated, where new and enhanced petroleum reserves are identified.

The agreement covers 13 exploration and production concessions held by Kuwait Energy in four countries, namely Egypt, Yemen, Ukraine and Russia. The acreage covered by the agreement is over 21,000 square kilometers.

Kuwait Energy Deputy Chairman and CEO, Sara Akbar, said: “With this partnership, we now have the potential of more growth opportunities within our current assets, enabling us to venture into unconventional resource exploration plays. We look forward to working with East West Petroleum Corporation.”