KUFPEC Doubles Its Interest in Gina Krog Field

Source: www.gulfoilandgas.com 8/30/2017, Location: Europe

Kuwait Foreign Petroleum Exploration Company k.s.c. (“KUFPEC”) announced that its wholly-owned subsidiary KUFPEC Norway AS has reached agreement to acquire a 15% interest in the Gina Krog field from Total E&P Norge AS, a wholly-owned subsidiary of TOTAL S.A., for a consideration of $317 million with effective date of 1 January 2017.

At closing, KUFPEC will add approximately 34 MMboe 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. The addition of the new production will take KUFPEC’s production in Norway close to 25,000 boe/d.

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% 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%.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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