Kufpec China signs three offshore deals

Deal part of Kufpec foreign E&P expansion plans

Kufpec China will get a 30% interest on oil discoveries.
Kufpec China will get a 30% interest on oil discoveries.

The Chinese subsidiary of Kuwait Foreign Petroleum Exploration Company (Kufpec) has signed three new contracts in the South China Sea.

The contracts will cover exploration blocks near the Yacheng gas pipeline.

Kufpec China will get a 30% interest on oil discoveries and the remaining will be held by the operator, a subsidiary of China National Offshore Oil Corporation (CNOOC).

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

'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 30pc working interest,' chief executive of Kufpec China Shaikh Nawaf S Al Sabah said.

Production from the Yacheng offshore gas field has been supplying natural gas for power generation to Hong Kong via a 780 km pipeline.

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