The Kuwait Foreign Petroleum Exploration Company, KUFPEC, on Wednesday announced 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 USD$317 million with the deal being in effect since January 1, 2017.

According to the company's statement, carried by KUNA, 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’s Chief Executive Officer Shaikh Nawaf Saud Nasir Al-Sabah said, "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 percent interest in Gina Krog."

The transaction is subject to all the requisite Norwegian government approvals. Upon completion, KUFPEC's working interest in the Gina Krog field will be 30 percent.

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

Source: Wam