New Exploration Blocks

New Exploration BlocksNew Exploration Blocks

Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced that its Chinese subsidiary has three agreements covering three new exploration blocks located in the South China Sea. In the event of a commercial discovery, KUFPEC China will have a 30% working interest in the development. The remaining working interest will be held by the operator, a subsidiary of China National Offshore Oil Corporation (CNOOC), Arabian Oil & Gas reported.