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FINANCIAL NEWS
KUFPEC to explore oil, gas in South China
13 Dec 2014
(MENAFN) Kuwait Foreign Petroleum Exploration Company KS.C said its subsidiary KUFPEC (China) Inc. signed three Production Sharing Contracts (PSCs) covering three new exploration blocks in China, Arab News reported.
KUFPEC pointed out that in the event of a commercial discovery in any of the new exploration blocks KUFPEC China will have a 30 percent working interest in the development of such a discovery.
“Our new exploration licenses allow us continue to work with CNOOC to take advantage of our excellent working relationship in the Yacheng Field in China where KUFPEC China holds a 30 percent working interest” KUFPEC CEO said.
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