KUFPEC Announces First Operated Offshore Exploration Discovery in Indonesia

KUFPEC Announces First Operated Offshore Exploration Discovery in Indonesia

An aerial view shows Kuwait City and the National Assembly Building (Kuwait Parliament), after the country entered virtual lockdown, as a preventive measure against coronavirus disease (COVID-19) in Kuwait City, Kuwait, March 20, 2020. (Reuters)

Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Sunday that its wholly-owned subsidiary KUFPEC Indonesia (Anambas) has successfully made a commercial discovery of gas and condensate in the Anambas Block, offshore Indonesia.

KUFPEC Indonesia made the discovery through the successful drilling of the Anambas-2X well, it said in a statement.

“This exciting discovery marks the first operated offshore exploration discovery for KUFPEC and indicates KUFPEC’s growth and potential as an operator of offshore oil and gas projects, in line with the KUFPEC 2040 Strategy.”

“The well was drilled in 288 feet (88 meters) of water, using a jack-up rig to reach a total depth of 10,509 feet,” the statement read.

The company said Anambas Block was awarded to KUFPEC Indonesia through a competitive bidding process in 2019.

KUFPEC Indonesia’s production sharing contract has a license term of 30 years, including a six-year exploration period, it added, noting that it intends to conduct more tests on other formations within the same well.

KUFPEC Acting CEO Shaikh Nawaf Saud al-Sabah said this successful discovery