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Kuwait Energy Basra Limited (KEBL) has secured a $346 million Reserve-Based Lending (RBL) facility from Arab Energy Fund to further the expansion of Iraq’s Block 9 conventional oil field development.
The Arab Energy Fund is the initial mandated lead arranger and structuring bank, along with Kuwait Finance House (DIFC Branch) and Trafigura Pte. Ltd. as mandated lead arrangers.
KEBL is the operator of Block 9 (Faihaa Field) in southern Iraq and a wholly owned subsidiary of United Energy Group Limited (UEG), an integrated energy company listed on the Hong Kong Stock Exchange.
The RBL facility enables KEBL with continued drilling and infrastructure optimisation. The Faihaa Field represents an upstream asset for Iraq’s long-term production outlook and energy security.
(Writing by Bindu Rai, editing by Seban Scaria)
