A subsidiary of the Kuwait Petroleum Corporation, Kuwait Foreign Petroleum Exploration Company (“KUFPEC”) has signed an agreement with the largest independent oil producer in the UK North Sea, EnQuest PLC, to take a 35% interest in their Alma and Galia oil field developments (“Alma/Galia”). Under the agreement, subject to regulatory approvals, KUFPEC would invest approximately USD $500 million in cash (around £300 million). The deal follows tax allowance changes in the UK budget aimed at encouraging an investment revival in marginal fields in the maturing basin.