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FINANCIAL NEWS
Kuwait’s Kufpec signs oil exploration deals in China
11 Dec 2014
(MENAFN) Kuwait Foreign Petroleum Exploration Company (Kufpec), a wholly owned subsidiary of Kuwait Petroleum Corp, announced that it has signed three production sharing contracts to explore oil blocks in South China Sea, Gulf Business reported.
The three state-owned firm said that it will take a 30 percent working interest in the new exploration blocks, which are adjacent to Yacheng pipeline which supplies Hong Kong, in the event of a commercial discovery, while China National Offshore Oil Corporation (CNOOC), the operator of the blocks, will hold the remaining working capital.
Kufpec’s said that its new exploration activities in China are part of its strategy to expand its oil and gas production worldwide, with the company currently being active in 15 countries and having 63 projects in the international upstream sector.
Kufpec, which is responsible for the exploration, development and production of crude oil and natural gas outside Kuwait, also said that it was aiming to raise its output to 200.000 barrels of oil per day while having reserves of 650 million barrels of oil by 2020.
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