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UK’s EnQuest to sell stake in North Sea oil field to Kuwaiti KUFPEC

30 May 2012

(MENAFN) EnQuest, the oil and gas explorer, announced that it will sell a USD500 million stake in a North Sea oil field to Kuwait Foreign Petroleum Exploration Company (KUFPEC), reported Arabian Business.

The London-listed company added that the 35 percent stake that KUFPEC, a unit of the Kuwait Petroleum Corporation, will acquire is in its Alma and Galia oil field developments.

It said that production at Alma, the first oil field to be developed in the UK North Sea, is forecasted to start next year, adding that work on the site was previously abandoned; however, it has been redeveloped with new technology.

It is worth noting that since 1999, output in the region has been declining, forcing the UK to boost investments by introducing tax relief clarity and tax breaks.

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