KUFPEC partners with global energy firms to develop Malaysian gas field
. . . secures 25 percent stake in two offshore gas fields
Kuwait Foreign Petroleum Exploration Company (KUFPEC), through its subsidiary KUFPEC Malaysia, has signed a series of agreements with TotalEnergies, Thailand’s PTTEP and PETRONAS Carigali to advance the development of the Lang Lebah (SK410B) and B14 gas fields offshore Sarawak, Malaysia.
The agreements are aimed at bringing together the partners’ expertise and resources to support a more integrated and efficient development of the two gas fields, improve production prospects and maximize the value of Malaysia’s offshore gas resources, KUFPEC said in a statement on Monday.
The Farm-Out Agreements (FOAs) mark an important step towards developing and commercializing the gas resources. By strengthening cooperation across the two Production Sharing Contracts (PSCs), the partners seek to create operational synergies and establish a coordinated development approach to support long-term value generation.
KUFPEC Chief Executive Officer Eisa Al-Maraghi said the partnership supports the company’s strategic objective of engaging a global operator to accelerate the development of the assets. He added that the collaboration would help optimize the use of Malaysia’s gas resources while generating mutual benefits for all participating companies.
Upon completion of the agreements, the ownership interests in both fields will be distributed among KUFPEC with 25 percent, TotalEnergies with 30 percent as operator, PTTEP with 25 percent and PETRONAS Carigali Sdn Bhd with the remaining 20 percent.
The agreements remain subject to the required regulatory approvals and fulfilment of customary conditions precedent.
KUFPEC is an international upstream oil and gas company involved in the exploration, development and production of crude oil and natural gas outside Kuwait. It is a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), with investments across several countries.
Source: KUNA
