KPC Signs Series of Agreements with Partners to Develop Two Fields in Malaysia
Press coverage 2 newspapers covered this event: Al-Jarida · KUNA →
KPC announced the signing of agreements to develop two gas fields in Malaysia with TotalEnergies, Petronas, and PTTEP.
Translated by Qiyas from الراي — Original source
Kuwait Oil Exploration Company (KOC) announced on Monday that it had signed a series of agreements through its subsidiary, KOC 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), KOC 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 shares under established development plans, mark a significant milestone in the exploration and development of gas resources by enhancing integration and laying the foundation for long-term growth.
According to the statement, following the completion of the agreements, participation shares in both fields will be held by KOC at 25 percent, TotalEnergies at 30 percent as operator, PTTEP at 25 percent, and Petronas at 20 percent. The agreements remain subject to obtaining necessary regulatory approvals and fulfilling standard closing conditions.
The statement quoted KOC’s Chief Executive Officer, Issa Al-Maraghi, saying, “This partnership aligns perfectly with KOC’s strategic direction to bring in a global operator to accelerate the development of these promising assets and maximize their value.”
Kuwait Oil Exploration Company is a subsidiary of the Kuwait Petroleum Corporation and conducts oil and natural gas exploration and production activities outside Kuwait. It holds a diversified investment portfolio in several countries around the world.
