KUWAIT: The Kuwait Foreign Petroleum Exploration Company (Kufpec), Shell, and South China Resources (SCR) signed a contract with the Department of Energy in the Philippines for offshore oil and gas explorations in Northeastern Palawan, Kufpec announced yesterday.
Kufpec said the contract covered an area that exceeds one million hectares, 30 per cent of which is assigned for Kufpec, while 55 per cent is assigned for Shell, and 15 per cent for SCR.
The contract includes exploration and drilling three oil wells within the next seven years, noting that if oil or natural gas discoveries were made, the production contract will be extended for nearly 25 years.
The company noted that the Secretary of Energy Raphael Lotilla signed the contract on behalf of the Philippines, while Head of Operations Abdallah Baroon represented Kufpec.
The signing ceremony was attended by Kuwait Ambassador to the Philippines Bader Al-Houti, Director of Middle East and Australia Departments in the company Adel Al-Khayyat, in addition to officials from Shell and SCR. – Kuna
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