Kufpec Splashes The Cash in Norway But 2020 Target Remains Distant

Kuwait state firm Kufpec is throwing money at its 2020 output goal with the latest purchase from Total offshore Norway. But an overall strategy remains elusive.

Kufpec, the oversees upstream arm of Kuwaiti state giant KPC, on 4 September increased its holdings offshore Norway, paying Total $317mn for the major’s remaining 15% stake in the Statoil-operated Gina Krog field. The field produces both oil and gas (around 65% oil). Recoverable reserves are 106mn barrels oil, 3.2mn tons of NGLs and 417bn ft³ of gas.

The deal also advances Total’s North Sea restructuring following last month’s purchase of Maersk (MEES, 25 August).

Kufpec bought an initial 15% of Gina Krog from Total in December 2016 alongside 9.4% in the nearby Sleipner West and 10% of Sleipner East wet gas fields. Gina Krog only came online on 30 June this year, but Sleipner output of around 530mn cfd means that by backdating its late-2016 Norway purchases to 1 January 2016 Kufpec was able to book full year net output of 9,180 boe/d.


DON'T HAVE AN ACCOUNT?

Start your free trial

NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE