Kufpec doubles Gina Krog stake

Kufpec’s subsidiary Kufpec Norway has reached agreement to acquire a 15% interest in the Gina Krog field in the North Sea off Norway from Total for a consideration of $317 million with effective date of January 1, 2017.

Kufpec said on Wednesday that, at closing, it 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 Gina Krog platform is tied in to Sleipner A platform and uses both processing capacity on the platform and existing pipelines for sending the gas to the market in Europe.

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. Statoil holds 58.7 percent interest in the Gina Krog field. Following the completion of transaction with Total, Kufpec’s stake will increase to 30%. The remaining interest is held by PGNiG Upstream Norway (8%) and Aker BP (3.3%).

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 the State of Kuwait. It is currently active in 14 countries with 54 assets in the international upstream sector.

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply