Arab Finance: PICO International Petroleum and the Kuwait Foreign Petroleum Exploration Company (KUFPEC) are planning to invest $119.5 million within the coming five years to scale production up at the Geisum and Tawila West concession in the Gulf of Suez, Al Borsa New reported, citing a document by the Petroleum Ministry to the Parliament.

The firms submitted a request to operate and invest in the concession as per a new 20-year agreement, with the possibility of extending the period to another five years twice.

It is worth noting that both companies’ current licenses for their operation in the concession will expire in 2027 under an agreement signed back in 2007.

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