Kuwait Foreign Petroleum Exploration Company (Kufpec) has announced that its wholly-owned subsidiary Kufpec Norway has reached agreement to acquire a 15 per cent interest in the Gina Krog field from Total E&P Norge, a wholly-owned subsidiary of Total, for $317 million.

Kufec will add approximately 34 MMboe (million barrels of oil equivalents) in net reserves and approximately 9,000 boe/d of production from Gina Krog, which came on-stream in June 2017 and is operated by Statoil, said a statement.  

The addition of the new production will take Kufec's production in Norway close to 25,000 boe/d, it said.

Kufpec chief executive officer Shaikh Nawaf Saud Nasir Al-Sabah stated: “Kufpec continues to execute its strategy to grow in profitable projects in Norway, and this transaction builds on our 2016 acquisition of Greater Sleipner Area assets from Total, which included a 15 per cent interest in Gina Krog.”

The transaction is subject to all requisite Norwegian government approvals. Upon completion, Kufpec’s working interest in the Gina Krog field will be 30 per cent.

Kufpec was established by its parent company Kuwait Petroleum Corporation in 1981 to engage in exploration, development and production of crude oil and natural gas outside of Kuwait.  It is currently active in 14 countries with 54 assets in the international upstream sector.  Kufpec, headquartered in Kuwait City, has additional offices in Australia, Canada, China, Egypt, Indonesia, Malaysia, The Netherlands, Norway and Pakistan. - TradeArabia News Service