Kuwait's KUFPEC to buy further 15% of Norway oilfield from Total
State-owned KUFPEC will buy the additional stake from the French energy giant for $317mn
The Kuwait Foreign Petroleum Exploration Co (KUFPEC) has stated it has agreed to buy an additional 15% of Norway's Gina Krog offshore oilfield from Total for $317mn.
The deal will double KUFPEC's interest in the field to 30%; last year it agreed to buy stream interests in Norway, including 15% of Gina Krog, from French energy giant Total for $300mn.
Gina Krog came onstream in June 2017 and is operated by Statoil.
KUFPEC, a unit of state-owned parent body Kuwait Petroleum Corp, will add about 34mn barrels of oil equivalent in net reserves and 9,000 boe per day of production as a result of the new deal, taking its production in Norway near 25,000 boe per day