KUFPEC Extends Oil Concession Agreement In Indonesia For 20 Years
Kuwait Foreign Petroleum Exploration Company (KUFPEC), a wholly-owned subsidiary of Kuwait Petroleum Corporation (KPC), has signed an agreement with Indonesias state-owned Pertamina to extend its Seram concession for 20 years. KUFPEC, with a 92.5% stake, is the operator. Oil production from Seram is expected to start at a rate of 14,000 b/d by November 2001. The exploration commitment is...