(KUFPEC) Signs Series of Agreements with Partners to Develop Two Fields in Malaysia
Press coverage 2 newspapers covered this event: Al-Jarida · KUNA →
صورة: وكالة الأنباء الكويتية (كونا)
Kuwait Foreign Oil Exploration Company (KUFPEC) signed agreements to develop two fields in Malaysia with TotalEnergies, Petronas, and PTTEP.
Translated by Qiyas from كونا — Original source
Kuwait City, 2 Nov (KUNA) -- Kuwait Oil Exploration Company (KOOPEC) announced on Monday that it has signed a series of agreements through its subsidiary, KOOPEC Malaysia Sdn. Bhd., with TotalEnergies, PTTEP, and Petronas, aimed at developing the Lang Lipa (SK410B) and B14 fields located off the coast of Malaysia’s Sarawak state.
In a statement to the Kuwait News Agency (KUNA), KOOPEC said these agreements represent a strategic step forward in 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 stakes within the framework of established development plans, mark a significant milestone in the exploration and development of gas resources by reinforcing integration and laying the foundations for long-term growth.
According to the statement, following the completion of the agreements, participation stakes in both fields will be held by KOOPEC at 25 percent, TotalEnergies at 30 percent as operator, PTTEP at 25 percent, and Petronas at 20 percent. The agreements remain subject to obtaining the necessary regulatory approvals and fulfilling standard closing conditions.
The statement quoted KOOPEC’s Chief Executive Officer, Issa Al-Maraghi, saying, “This partnership aligns perfectly with KOOPEC’s strategic direction to bring in a global operator to accelerate the development of these promising assets and maximize their value.”
Al-Maraghi added that cooperation among the partners will contribute to the optimal utilization of Malaysia’s gas resources, serving shared interests and enhancing sustainable development pathways for all parties.
Kuwait Oil Exploration Company is a subsidiary of the Kuwait Petroleum Corporation and conducts oil and natural gas exploration and production operations outside Kuwait. It holds a diversified investment portfolio in several countries around the world. (End) K.M. / T.M.A.
