KUFPEC increases stake in China offshore field

Shanghai: Kuwait Foreign Petroleum Exploration Company has announced that its China branch, KUFPEC China, has completed 15.3% stake acquisition of Yacheng 13-1 offshore gas field from BP at the cost of $137.4m.

The deal lifts KUFPEC China’s stake in the gas field to 30%.

The Yacheng 13-1 field is the largest offshore natural gas producing field in China, located approximately 100 kilometres south of Hainan Island, in the South China Sea.

KUFPEC has been a stakeholder in Yacheng 13-1 since 1990, and CNOOC has been the operator since 1 January 2004. [28/01/14]

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