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Kufpec inks China exploration contracts

KUWAIT, December 13, 2014

Kuwait Foreign Petroleum Exploration Company (Kufpec) said its Chinese subsidiary has signed three production sharing contracts (PSCs) covering exploration blocks located in the South China Sea adjacent to the Yacheng pipeline.  

On oil discovery, Kufpec China will get a 30 per cent working interest in the development, while the remaining working interest will be held by the operator, a subsidiary of China National Offshore Oil Corporation (CNOOC), said a statement from the Kuwaiti company.

The new exploration activity in China comes as part of Kufpec's strategy to expand its oil and gas exploration and production operations worldwide.  

CEO Shaikh Nawaf S. Al-Sabah said: "Our new exploration licences allow us to continue working with CNOOC to take full advantage of our excellent working relationship in the Yacheng Field in the South China Sea, where Kufpec China holds a 30 per cent working interest.”

Production from the Yacheng offshore gas field has been supplying natural gas for power generation to Hong Kong via a 780 km pipeline since 1996.  Additional natural gas, condensate and LPG are sold to customers on Hainan Island.

Kufpec is an international oil company engaged in the exploration, development and production of crude oil and natural gas outside Kuwait.  It is currently active in 15 countries with 63 projects in Asia, Africa, Middle East, Europe, North America and Australia.-TradeArabia News Service




Tags: China | Oil | Kuwait | exploration | Kufpec |

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