"KPC": Development of SK410B and B14 Fields

Kuwait Oil Exploration Company (KOOPEC) has signed a series of agreements with TotalEnergies, PTTEP, and PETRONAS Carigali Sdn. Bhd., through its subsidiary KOOPEC Malaysia (SK-410B) Sdn. Bhd. These agreements cover the Lang Lipa field (SK410B) under the SK410B Production Sharing Contract (PSC) and the B14 field under the B14 PSC, both located offshore Sarawak, Malaysia.

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 agreements, which include adjustments to participation shares within 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.

In this context, KOOPEC’s Chief Executive Officer, Issa Al-Marwagi, stated that “this partnership aligns perfectly with KOOPEC’s strategic direction to enter as a global operator to accelerate the development of these promising assets and maximize their value.” He added that cooperation among the partners will contribute to the optimal utilization of Malaysian gas resources, serving common interests and enhancing sustainable development pathways for all parties.

Following the completion of the agreements, KOOPEC will hold a 25% participation share in both fields, TotalEnergies will hold 30% as the operator, PTTEP will hold 25%, and PETRONAS will hold 20%. The agreements remain subject to obtaining the necessary regulatory approvals and fulfilling standard closing conditions.

Kuwait Oil Exploration Company (KOOPEC) 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.