KUWAIT

Kufpec China Blocks

Kufpec this week announced new production sharing contracts (PSCs) for three exploration blocks in the South China Sea.

The Kuwaiti state firm – the overseas upstream arm of KPC – says it will have a 30% working interest in the development of any future discovery at the blocks operated by China’s CNOOC, which will retain a 70% operator’s stake.

In an unusually-structured deal, despite its minority working interest Kufpec will bear 80% of...