Kuwait Foreign Petroleum Exploration Company (KUFPEC) has agreed to acquire an additional 15% interest in the Gina Krog field from Total E&P Norge for US$317 million.
The deal, via KUFPEC Norge, will see the firm gain about 34 MMboe in net reserves and about 9000 boe/d of production from Gina Krog, which came on-stream in June 2017 and is operated by Statoil. This will increase KUFPEC's Norwegian production, wich includes a stake in the Greater Sleipner Area, acquired from Total in 2016, to close to 25,000 boe/d. It will also increase KUFPEC’s working interest in the Gina Krog field to 30%.
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 Kuwait.