Kuwait Foreign Petroleum Exploration Co. KSC wholly owned subsidiary Kufpec Norway AS has reached agreement to acquire 15% interest in Gina Krog field from Total E&P Norge AS for $317 million.
The deal, effective Jan. 1, will double Kufpec’s interest in the field to 30%. Kufpec will gain an additional 34 million boe in net reserves and 9,000 boe/d of production, bringing the company’s overall Norway output to 25,000 boe/d. Gina Krog came on stream in June and is operated by Statoil (OGJ Online, July 3, 2017)
“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% interest in Gina Krog,” said Shaikh Nawaf Saud Nasir Al-Sabah, Kufpec chief executive officer.
