Oil developer New World Oil and Gas is on track of growing its global portfolio following the purchase of a Kuwaiti company in a $1.38million deal.
The firm, which currently holds assets in Belize and Denmark, is set to own a 60% economic interest through 49% shares in Kuwait’s Al-Maraam Al-Ahlia following the signing of a sale purchase agreement with the company’s shareholders.
But the transaction is subject to one of the owners, Muaaz KH M Alfahaid, abandoning a planned subscription of 20% of the equity of Africa-focused Niel Petroleum, New World said in a statement.
“New World looks forward to setting up operations in Kuwait and applying its expertise to developing Al Maraam’s full potential,” said William Kelleher, New World’s chief executive.