Kuwait's Oil Firm Seeks to Exit Norway

Ron Bousso
Tuesday, May 16, 2023

Kuwait's overseas oil and gas division has launched a sale process for its Norwegian assets as part of its focus on newer exploration and production hubs, industry sources said. 

Kuwait Foreign Petroleum Exploration Company (Kufpec) hired Scotiabank to run the sale, which could raise $300 million, according to the three sources. Kuwait Petroleum Company, Kufpec's parent company, did not reply to a request for comment. 

Scotiabank was not available to comment. Kufpec's production in Norway is set to reach around 19,000 barrels of oil equivalent per day (boed) in 2023, around 20% of the company's global production, according to the sources. 

It holds a 30% stake in the Gina Krog field, a 9.4% interest in the Sleipner West field and a 10% stake in the Sleipner East field, according to its 2021 annual report. 

Last year, Kufpec sold its 10% stake in the YME field offshore Norway to Lime Petroleum for $68 million.

(Reuters - Reporting by Ron Bousso; Editing by Sharon Singleton)

Categories: Energy Industry News Activity Europe Asia

Related Stories

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

EnQuest to Acquire Harbour Energy's Vietnamese Assets

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

CNOOC Brings Bohai Sea Oil Field On Stream

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Velesto’s Drilling Rigs Up for Automatization Overhaul Under New Tech Alliance

Seatrium Delivers Fifth Jack-Up to Borr Drilling

Malaysia's FPSO Firm Bumi Armada Eyes Merger with MISC’s Offshore Unit

Current News

Argentina YPF to Shed Offshore Exploration Projects

Cairn India Might Invest in US Oil Servicing Firms to Increase Production

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

Shell Hires Noble’s Drillship for Work in Southeast Asia

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

CNOOC Discovers ‘Vast Exploration Prospects’ in China’s Beibu Gulf Basin

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

Japan and South Korea Look to Partner Up with US for Alaska Pipeline

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com