Middle East Economic Survey

VOL. XLIX

No 39

25-Sept-2006

KUWAIT

Kufpec Sells 67.5% Of Shares In Indonesian Seram Block

Kuwait Foreign Petroleum Exploration Company (Kufpec) announced on 18 September it had sold 67.5% of its operational shares in the Seram (Non-Bula) Block Production-Sharing Contract (PSC) in Eastern Indonesia. Kufpec on 13 July sold 51% of its shares in the PSC to Chinas CITIC Seram Energy at $97.4mn and on 20 July it sold 16.5% of its shares at $44.5mn to Kuwaits Gulf Petroleum...