KUFPEC increases stake in Yacheng gas complex offshore China

KUFPEC China has completed the acquisition from BP for $137.4 million of an additional 15.3% interest in the Yacheng 13-1 gas field in the South China Sea.

Offshore staff

KUWAIT – KUFPEC China has completed the acquisition from BP for $137.4 million of an additional 15.3% interest in the Yacheng 13-1 gas field in the South China Sea.

Yacheng 13-1, discovered in 1983, remains China’s largest offshore natural gas field in production. It is about 100 km (62 mi) south of Hainan Island in around 90 m (295 ft) of water.

KUFPEC has been a partner in the development since 1990. Production started in 1996. CNOOC China became operator on Jan. 1, 2004.

The field supplies gas for power generation to Castle Peak Power Co. in Hong Kong via a 780-km (485-mi) pipeline, with additional gas, condensate, and LPG contracted to customers on Hainan Island.

Following the latest transaction,CNOOC has a 70% interest and KUFPEC (China) 30%.

01/27/2014

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