The deal for the Middle East and North African assets of Oil Search comes as the Kuwait Energy Co. prepares to issue a public offering on the London Stock Exchange, United Arab Emirates newspaper The National reported.

The acquisition brings five Yemeni and three Egyptian oil and gas exploration blocks to the company's holdings.

Last week the privately owned Kuwait Energy signed an agreement with the Somali government to oversee activities at the Somalia Petroleum Corp. following the passage of oil and gas laws governing the energy sector there.