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News 17

Kuwait to take $500mn stake in UK North Sea

LONDON: Kuwait's state oil firm will pay around $500 million for a stake in a North Sea oil field owned by oil and gas explorer EnQuest Plc, the London-listed firm said.

EnQuest said on Tuesday it will farm out a 35 percent interest in its Alma and Galia oil field developments to the Kuwait Foreign Petroleum Exploration Company (KUFPEC), a unit of the Kuwait Petroleum Corporation.

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