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KUFPEC acquires two key blocks in Indonesian oil and gas bidding round

12-09-2024

Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced today, Thursday, that its subsidiary (KUFPEC Indonesia) has achieved an achievement by acquiring two major sectors in the first direct bidding round for 2024 in Indonesia. KUFPEC said in a statement to Kuwait News Agency (KUNA) that this acquisition was made in cooperation with (PT Pertamina Hulu Energi and Sinopec) on the (Melati) sector, which is the largest sector in the first bidding round, indicating that it is located in the (Sulawesi) border region and is expected to contain large reserves of oil and gas. It stressed the importance of this "strategic success" in strengthening (KUFPEC)'s leading position in the field of hydrocarbon exploration in promising basins and increasing the chances of success of exploration efforts and their impact on the development of hydrocarbon industries. She explained that in addition, and in cooperation with PT Medco Energi Linggau and PT Sele Raya, KUFPEC acquired the Amanah Block in South Sumatra, noting that this block represents another important achievement in its role in developing KUFPEC's current portfolio in the region and its presence in the Indonesian energy sector. The statement quoted KUFPEC CEO Mohammed Al-Haimer as saying that these new acquisitions confirm the company's commitment to expanding its exploration and production activities in Indonesia in line with its strategic growth plans for Southeast Asia. KUFPEC is a subsidiary of Kuwait Petroleum Corporation and carries out oil and natural gas exploration and production operations outside the State of Kuwait.