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

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

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