KUFPEC Acquires Two Main Blocks In Indonesia Oil, Gas Bidding Round

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Sept 12 (KUNA) -- Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Thursday that its subsidiary, KUFPEC Indonesia, has acquired two major blocks in the first bidding round of 2024 in Indonesia.
In a statement to KUNA, it mentioned that the acquisition was made in cooperation with PT Pertamina Hulu Energi and Sinopec on the Melati block, considered the largest block in the first bidding round.
Melati block is located in the border region of Sulawesi and is expected to contain large reserves of oil and gas.
KUFPEC stressed the importance of this strategic success in strengthening the company's leading position in the field of hydrocarbon exploration and increasing successful chances of exploratory efforts and their impact on development of hydrocarbon industries.
Furthermore, in cooperation with PT Medco Energi Linggau and PT Sele Raya, KUFPEC acquired the Amanah Block in South Sumatra, noting that this another important achievement as it promotes KUFPEC's current portfolio in the region and its presence in Indonesian energy sector.
The statement quoted KUFPEC CEO Mohammad Al-Haimer as saying that these new acquisitions confirm the company's commitment to expanding its exploration and production in Indonesia in line with its strategic growth plans for Southeast Asia.
KUFPEC is a subsidiary of Kuwait Petroleum Corporation (KPC) and is engaged in oil and natural gas exploration and production operations outside of Kuwait. (end)
km

MENAFN12092024000071011013ID1108666192