The Department of Energy approved the withdrawal of Kuwait Foreign Petroleum Exploration Co. from Service Contract 14C1 or the Galoc block.
KUFPEC owns a 26.84-percent stake in the Galoc block after it acquired Risco Energy Petroleum Ltd. It withdrew its interest from SC 14C1 in September 2020.
The Philodrill Corp. said in a disclosure to the stock exchange Tuesday the DOE’s approval of KUFPEC’s withdrawal effectively…
