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FINANCIAL NEWS
Kuwait’s KUFPEC awarded oil exploration concession in Australia
31 Aug 2012
(MENAFN) Kuwait Foreign Petroleum Exploration Company (KUFPEC) has won a contract for oil exploration in Australia, Kuwait News Agency (KUNA) reported.
The company, a unit of Kuwait Petroleum Corporation (KPC) was awarded WA-481-P concession for exploration oil in the territorial water of Perth, west of Australia.
The concession, which is for duration of six year, include seismic surveys, geological and geophysical studies and excavation operations.
The concession, a 17,500 sq km area, is divided between three companies; KUFPEC with 30 percent stake, Murphy Oil Exploration with 40 percent stake and Samsung Oil and Gas Company with 30 percent.
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