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Kuwait’s Kufpec Buys Shares in Conoco Indonesia | ASHARQ AL-AWSAT English Archive 2005 -2017
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JAKARTA/DUBAI (Reuters) – State-run Kuwait Foreign Petroleum Exploration Company (Kufpec) has bought shares in an Indonesian unit of ConocoPhillps, a spokesman for Indonesia’s oil and gas watchdog said on Tuesday.

“Kufpec bought ConocoPhillips’s stake in Ujung Pangkah oil block a couple of days ago,” said Amir Hamzah, a spokesman for watchdog BPMigas, without elaborating.

Kuwait state news agency KUNA reported earlier that Kufpec had bought ConocoPhillips (Pangkah) Ltd, which holds a 25 percent stake in the Pangkah block in the East Java Sea. The block is operated by Hess Corporation Oil output from the Ujung Pangkah field in the block was expected to start in 2009 and rise to a maximum of 25,000 barrels per day, KUNA reported.

The field already produces around 60 million cubic feet per day of natural gas, Kufpec Chairman Bader Al-Khashti told KUNA.

Gas output was expected to rise to 100 million cubic feet.

Kufpec now holds stakes in five production sharing contracts in Indonesia.

Kufpec, the foreign exploration arm of Kuwait Petroleum Corp, aims to boost its output to 100,000 barrels of oil equivalent per day by 2010, KUNA said.