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KUFPEC doubles interest in Gina Krog Field, Norway
August 30, 2017, 4:13 pm

Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced Wednesday that its wholly-owned subsidiary KUFPEC Norway AS has reached an agreement to acquire a 15 percent interest in the Gina Krog field from Total E&P Norge AS for an amount of US$317 million with with the deal being in effect since 1 January, 2017.

According to the company's statement acquired by KUNA, 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 percent.

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. KUFPEC is headquartered in Kuwait City, Kuwait and has additional offices in Australia, Canada, China, Egypt, Indonesia, Malaysia, the Netherlands, Norway, and Pakistan.

Scotiabank acted as exclusive financial advisor to KUFPEC in this transaction and Advokatfirmaet Selmer acted as Norway legal advisor. 

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