BP Plc To Sell Yacheng Gas Field In China To Kuwait Foreign Petroleum Exploration Co KSCC
BP Plc announced that it has agreed the sale of its 34.3% interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company KSCC(KUFPEC) for $308 million cash. Subject to regulatory, CNOOC and third party approvals, BP expects the deal to close in the second half of 2013. The field currently supplies natural gas for power generation to Castle Peak Company Limited in Hong Kong via a 780-kilometre pipeline. Additional natural gas, condensate and LPG are sold to customers on Hainan Island. Following completion, the Yacheng partnership will consist of CNOOC (51%), and Kuwait Foreign Petroleum Exploration Company (49%). BP was awarded interests in the 42/05 and 43/11 deepwater blocks in the South China Sea in 2010 and 2012. These blocks are currently in the exploration phase.
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