EnQuest PLC reported an agreement with the Kuwait Foreign Petroleum Exploration Company (KUFPEC), by which EnQuest will farm out a 35 percent interest in EnQuest's Alma and Galia oil field developments (Alma/Galia) to KUFPEC. Under the agreement, which is subject to regulatory approvals, KUFPEC is to invest a total of approximately $500 million in cash (around GBP 300 million), comprised of up to $182 million in future contributions for past costs and a development carry for EnQuest, and of KUFPEC's direct share of the development costs.

"EnQuest is pleased to be working with KUFPEC again and to have them as our partner in the Alma/Galia development. With start up planned for late next year, the project team is well advanced in the execution phase and our first Alma well has reached 'TD' (total depth) with good results," said Chief Executive Amjad Bseisu

Tags: EnQuest PLC