Kuwait participates in Philippine oil search
Posted: 19 September 2005
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The Philippine government has approved Kuwait Foreign Petroleum Exploration Co.'s participation in an oil and gas exploration project being undertaken by Japan Petroleum Exploration (Japex) near Tanon Strait in the Visayas region.
The project was awarded to Japex in February. The group recently completed initial seismic studies and is currently evaluating the data it had gathered.
The government agrees on Kuwait Foreign Petroleum's acquisition of a 35 per cent interest in upstream development from Japex, which will now have a 65% stake in the project., the Energy Department said.
The service contract for the project provides for seven years of exploration rights over the Tanon Strait . Once the reserve is proven to be of commercial quantity, the contractors will receive rights for another 25 years for production.
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