SOCO International and Kuwait Energy have ended merger discussions because they could not agree to terms.
The two companies are planning to evaluate other opportunities.
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Kuwait Energy is an independent oil and gas company that focuses on the Middle East and North Africa (MENA) region.
Its portfolio currently consists of ten exploration, development and production oil and gas assets in Egypt, Iraq, Yemen and Oman.
The firm’s average daily working interest production in 2017 was 26,819 barrels of oil equivalent per day (boepd) and its audited proved plus probable (2P) working interest reserves were at 810 million barrels of oil equivalent (mmboe) at the end of 2016.
Kuwait Energy’s board will consider and assess its options to create liquidity for its shareholders.
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By GlobalDataSoco is an oil explorer and producer with assets in Vietnam, the Republic of Congo and Angola.
Last November, SOCO announced its 80% owned subsidiary SOCO Cabinda agreed to increase its non-operating working interest in the Cabinda North Block Production Sharing Agreement from 17% to 22%.
The merger talks were announced on 8 January after Eni’s announcement of its appointment as operator of the onshore Cabinda North Block in Angola.
SOCO stated that its board is committed to its ‘strategy of shareholder value creation through sustainable cash returns to shareholders and growth of the business’.
