Gulf Petroleum farms- in Maluku oil block
Thursday, July 27 2006 - 05:55 AM WIB
Kuwait Stock Exchange-listed firm Gulf Petroleum Investment (GPI) had signed deal with another Kuwaiti firm KUFPEC last week to acquire 16.5 percent working interest in Seram (Non Bula) PSC in Maluku, for US$ 44.5 million, Lion Energy, 2.5 percent interest holder in Seram (Non Bula) PSC said on Thursday.
The block contains Oseil oil field, which produced 4,904 BPD of oil during April-June 2006 quarter.
KUFPEC had earlier sold 51 percent working interest in the block to Hong Kong Exchange-listed firm CITIC Resources Holding for $97.4 million.
The sale to GPI and CITIC will reduce KUFPEC?s interest in the block to 30 percent from 97.5 percent originally. (alex)