Kufpec, the overseas upstream arm of Kuwait state oil firm KPC, has exited Norway and China, after picking up assets there a decade ago as part of its ambitious plans to become a mid-sized “international National Oil Company” (MEES, 25 April 2014). While some assets acquired at the time have succeeded, many have flopped, and Kufpec now appears intent on debloating its portfolio starting with aging assets. Kufpec on 5 January called time on its decade-long presence in Norway, with Norwegian authorities approving the divestment of its assets there. This follows the end-2023 divestment of its remaining assets in China, where it had been present since 1988. The state firm has pulled back from multiple geographies of late, having also exited Tunisia and the Philippines in 2022 and 2023 respectively.
The Norway assets – chief among them 30% of the Equinor-operated Gina Krog gas/oil field – netted Kufpec over 22,000 boe/d for 2022, equivalent to 22% of its global portfolio of 98,000 boe/d (primarily gas). Norwegian output had increased around 7,600 boe/d from 2021, largely driven by the marketing of previously reinjected gas from Gina Krog to capitalize on record European gas prices. (CONTINUED - 983 WORDS)
