KUFPEC Achieves a New Milestone through Amending a PSC in NSBA, Indonesia

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Kuwait City, 28 Sept: Kuwait Foreign Petroleum Exploration Company, k.s.c.c. (“KUFPEC”) achieved last week, through its wholly-owned subsidiary KUFPEC Indonesia (Natuna) B.V. (“KUFPEC Indonesia”), a significant milestone through amending a Production Sharing Contract (PSC) in Natuna Sea Block A (NSBA) in Indonesia. The amendment is expected to contribute to boosting KUFPEC’s project in Indonesia.

KUFPEC CEO Mohammad Salem Al Haimer stated “this milestone is an achievement that perfectly aligns with KUFPEC’s Strategic Directions, focusing on enhancing our portfolio, ensuring operational excellence, and maximizing financial returns for Kuwait Petroleum Corporation (KPC)”.

KUFPEC CEO also extended his gratitude to the Indonesian Minister of Energy and Mineral Resources H.E. Arifin Tasrif and Head of SKK Migas Dr. Ir. Dwi Soetjipto, M.M for their highly supportive role, during the 4th International Convention on Indonesian Upstream Oil & Gas 2023, in facilitating this achievement which reaffirms Indonesia’s commitment to creating an appealing and advantageous environment for investors.

The PSC’s successful amendment is also a remarkable achievement due to its immediate economic impact, increasing reserves and stimulating dynamic exploration and development activities in Indonesia.

KUFPEC is an international upstream company engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait and is a wholly owned subsidiary of Kuwait Petroleum Corporation.

This news has been read 1514 times!