Kuwait Foreign Petroleum Exploration Company (Kufpec) is boosting its holding in the Yacheng gas field through the $308 million purchase of BP's 34.3% stake, the UK supermajor said on Wednesday.
The all-cash deal is expected to close in the second half next year subject to approval to field operator and majority shareholder CNOOC and others.
Kufpec already held 14.7% of the field so is taking its holding to just under a half with the purchase.
