Kuwait Foreign Petroleum Exploration Company (Kufpec), has signed an agreement with the Indonesian government to extend the Seram oil concession for 20 years, Kuwait News Agency (KUNA) said Tuesday.
The state-owned company responsible for producing oil abroad holds 92.5 percent of Seram which is expected to start production in November next year, the agency added.
Kufpec chairman Ahmad al-Arbeed was quoted as saying that the investments in Seram have reached 157 million dollars and there are plans to spend 29 million dollars more on exploration in the next six years.
The company will also invest 128 million dollars on the development and production of Oseil field, which is part of the Seram concession, Arbeed said.
Kufpec announced record profits of 59 million dollars in 1999, up 23 percent on 1998, reported AFP.
The company completed construction of a pipeline to Tunisia's La Skhira export facilities from Sidi al-Kelani oilfield, the first field discovered and developed by the company.
Also in Indonesia, an agreement was signed for the sale of gas from a consortium of producers in the Natuma Sea to Singapore, and work began on the pipeline to transport the gas, added AFP.
Kufpec, 59 percent of whose staff are Kuwaiti, is involved in oil production in Australia, China, Egypt, Pakistan, Sudan and Yemen, as well as Indonesia and Tunisia, and is currently conducting a feasibility study in Namibia, said KUNA - (Several Sources)
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