(MENAFN- Arab Times) KUWAIT CITY Dec 10 (KUNA): Kuwait Foreign Petroleum Exploration Company KS.C ('KUFPEC') announced Wednesday that its subsidiary KUFPEC (China) Inc. ('KUFPEC China') has signed three Production Sharing Contracts (PSCs) covering three new exploration blocks located in the South China Sea adjacent to the Yacheng pipeline. In an exclusive statement to KUNA 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.
The remaining working interest will be held by the operator a subsidiary of China National Offshore Oil Corporation ('CNOOC') it added. The statement noted that these new exploration activities in the People's Republic of China are further steps taken by KUFPEC as part of its strategy to expand its oil and gas exploration and production operations worldwide. 'Our new exploration licenses allow us continue to work 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 30 percent working interest' KUFPEC Chief Executive Officer Shaikh Nawaf S. Al-Sabah said in the statement. Production from the Yacheng offshore gas field has been supplying natural gas for power generation to Hong Kong via a 780 km pipeline since 1996. Additional natural gas condensate and LPG are sold to customers on Hainan Island. KUFPEC is an international oil company engaged in the exploration development and production of crude oil and natural gas outside the state of Kuwait. It is currently active in 15 countries with 63 projects in Asia Africa Middle East Europe North America and Australia. KUFPEC is working towards achieving its strategic plans aiming to increase its production to 200000 BOEPD with reserves of 650 MMBOE by year 2020 and maintaining it until year 2030.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.