Deal Insight
United Energy Group acquires Kuwait Energy for US$842 million
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
United Energy Group has agreed to acquire Kuwait Energy Company for an enterprise value of US$798 million. United will pay US$651 million for Kuwait's equity and assume US$147 of net debt. The deal will see United pick up assets in Iraq, Egypt, Yemen, Oman and Pakistan. The sale for Kuwait Energy marks the end of a period of uncertainty for the company. A planned IPO was cancelled in 2017. A potential merger with SOCO International, and subsequent IPO, was then cancelled in 2018 after the companies could not reach an agreement. For Hong Kong-listed United, the deal materially builds on its core Pakistan portfolio that it acquired from BP in 2011. United had been looking for international growth opportunities. The less mature assets acquired from Kuwait should underpin growth for the next decade.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
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Iraq
- Siba (30%)
- Faihaa (60%)
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Egypt
- East Ras Qattara (49.5%)
- Area A (70%)
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Yemen
- Jannah (Block 5) (15%)
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Oman
- Karim Small Fields (15%)
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Iraq
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1WM reserves (mmboe) by country; by assetWM Remaining NPV10 (US$M) by country; by asset
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Deal analysis: Table 1Deal analysis: Table 2Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Entitlement production by countryUpstream assets: Table 1
What's included
This report contains:
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