KUFPEC to acquire 15% stake in Gina Krog field from Total for $317m
Kuwait Foreign Petroleum Exploration Company's (KUFPEC) Norwegian subsidiary has signed a $317m agreement to acquire an additional 15% interest in the Gina Krog field from Total E&P Norge.
Completion of the deal is subject to necessary Norwegian Government approvals. If approved, KUFPEC’s working interest in the Statoil-operated Gina Krog field will increase to 30%.
KUFPEC CEO Shaikh Nawaf Saud Nasir Al-Sabah said: “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."
With the acquisition, the company will add nearly 34Mboe in net reserves and around 9,000boe/d of output from Gina Krog, which started commercial production in June.
With this addition, KUFPEC’s production in Norway is set to increase to nearly 25,000boe/d.
KUFPEC focuses on exploration, development, and production of crude oil and natural gas outside Kuwait.
Currently, the company operates in 14 countries with 54 assets in the upstream sector.
In another development, Total has started production from the Edradour and Glenlivet gas and condensate fields, located in the west of Shetland area at water depths of between 300m and 435m.
Combined production of the two fields is expected to be nearly 56,000boe/d.
Total E&P UK operates Edradour and Glenlivet with a 60% interest, while DONG E&P (UK) and SSE E&P UK each own a 20% stake.
Image: The Gina Krog platform is tied into Sleipner A. Photo: courtesy of Ole Jørgen Bratland/Statoil.