No 49



SPC Approves AOC Agreement

Kuwaits Supreme Petroleum Council (SPC) on 3 December approved a final agreement with the Japanese-owned Arabian Oil Company (AOC). So far no date has been announced for the signing of the agreement by the two sides. When AOCs 40-year concession for Kuwaits half-interest in the offshore Partitioned Zone oil and gas fields expires on 4 January 2003, it will be taken over by the Kuwait Gulf Oil Company (KGOC). But the Japanese company...