COFPEC Signs Series of Agreements with Partners to Develop Two Fields in Malaysia

Kuwait Oil Company (KOC) announced on Monday that its subsidiary, Kufpec Malaysia Sdn. Bhd., has signed a series of agreements with TotalEnergies, PTTEP, and Petronas to develop the Lang Lipa (SK410B) and B14 fields located off the coast of Malaysia’s Sarawak state.

In a statement, Kufpec said these agreements represent a strategic step toward strengthening cooperation among partners to develop gas assets, thereby enhancing resource utilization efficiency, accelerating development pace, and achieving sustainable added value.

The company noted that the agreements, which include adjustments to participation shares within the framework of established development plans, mark a significant milestone in the exploration and development of gas resources by fostering integration and laying the foundations for long-term growth.

The statement added that, following the completion of the agreements, participation shares in both fields will be held by Kufpec at 25 percent, TotalEnergies at 30 percent as operator, PTTEP at 25 percent, and Petronas at 20 percent. It clarified that these agreements remain subject to obtaining the necessary regulatory approvals and fulfilling standard closing conditions.

Quoting Kufpec’s Chief Executive Officer, Issa Al-Maraghi, the statement said, “This partnership aligns perfectly with Kufpec’s strategic direction to enter as a global operator to accelerate the development of these promising assets and maximize their value.”