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

Gina Krog came onstream in June 2017 and is operated by Statoil. (Image for illustration only)
Gina Krog came onstream in June 2017 and is operated by Statoil. (Image for illustration only)

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

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