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DOE approves Kuwaiti firm’s withdrawal from Galoc oilfield

NEWSROOM by NEWSROOM
January 25, 2023
in BUSINESS
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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…



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