Kuwait's Oil Firm Seeks to Exit Norway

Ron Bousso
Tuesday, May 16, 2023

Kuwait's overseas oil and gas division has launched a sale process for its Norwegian assets as part of its focus on newer exploration and production hubs, industry sources said. 

Kuwait Foreign Petroleum Exploration Company (Kufpec) hired Scotiabank to run the sale, which could raise $300 million, according to the three sources. Kuwait Petroleum Company, Kufpec's parent company, did not reply to a request for comment. 

Scotiabank was not available to comment. Kufpec's production in Norway is set to reach around 19,000 barrels of oil equivalent per day (boed) in 2023, around 20% of the company's global production, according to the sources. 

It holds a 30% stake in the Gina Krog field, a 9.4% interest in the Sleipner West field and a 10% stake in the Sleipner East field, according to its 2021 annual report. 

Last year, Kufpec sold its 10% stake in the YME field offshore Norway to Lime Petroleum for $68 million.

(Reuters - Reporting by Ron Bousso; Editing by Sharon Singleton)

Categories: Energy Industry News Activity Europe Asia

Related Stories

BP Starts Oil Production at Major New Platform Offshore Azerbaijan

Ignitis Places Bid for Second 700MW Lithuanian Offshore Wind Tender

MOL Ups Offshore Wind Game with New Deals

Current News

US Plans 12 Offshore Wind Auctions Over Five Years

Equinor Wraps Up Hammerfest LNG Leak Repair, Maintains Friday Restart

Namibia Targets First Oil Production from Venus Field in 2029/2030

Second HVDC Platform Installed at World’s Largest Offshore Wind Farm

Subscribe for OE Digital E‑News