52 / 53
KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2017
50
32.
SUBSIDIARY AND JOINT VENTURE COMPANIES
a)
The principal subsidiaries of the Company as at 31 December 2017 were as follows:
Company’s name
Ownership %
Country of
incorporation
Country of
31.12.17
31.12.16
operations
Type of activity
Kuwait Energy International
Limited
100
100
Jersey
-
Holding Company
Kuwait Energy Company
K.S.C.(Closed)
94.0
93.7
Kuwait
Kuwait
Exploration /
development/
production
KEC (Egypt) Ltd
100
100
British Virgin
Islands
Egypt
Development/
production
Kuwait Energy Egypt Ltd
100
100
British Virgin
Islands
Egypt
Exploration /
development/
production
Kuwait Energy (Eastern Desert)
Petroleum Services SAE
100
100
Egypt
Egypt
Exploration /
development/
production
KEC (Yemen) Ltd
100
100
British Virgin
Islands
Yemen
Exploration /
development/
production
Kuwait Energy AMED Yemen Ltd
100
100
British Virgin
Islands
Yemen
Exploration
Kuwait Energy Iraq Limited
100
100
British Virgin
Islands
Iraq
Exploration /
development/
production
Kuwait Energy Basra Limited
100
100
British Virgin
Islands
Iraq
Exploration /
development/
production
Jannah Hunt Oil Company Limited
100
100
British Virgin
Islands
Yemen
Development/
Production
b)
The Group has a 20% interest in Medco LLC. Medco LLC is the operator for Karim Small fields in Oman. This is
measured using the equity method (see note 14).
c)
Interest in joint operations
Region
Asset
31.12.17
31.12.16
Cost
WI (%)
Revenue
WI (%
Cost
WI (%)
Revenue
WI (%
Iraq
Siba
40.0%
30.0%
60.0%
45.0%
Mansuriya
(1)
30.0%
22.5%
30.0%
22.5%
Block 9
60.0%
60.0%
60.0%
60.0%
Egypt
Area A
70.0%
70.0%
70.0%
70.0%
Abu Sennan
53.0%
25.0%
78.0%
50.0%
BEA
100.0%
100.0%
100.0%
100.0%
East Ras Qattara (ERQ)
(1)
49.5%
49.5%
49.5%
49.5%
Yemen
Block 5
15.0%
15.0%
15.0%
15.0%
Block 49
75.29%
64.0%
75.29%
64.0%
Oman
KSF
(1)
15.0%
15.0%
15.0%
15.0%
1) Non-operated asset