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Kuwaiti company sells Norway assets for $454m

Oil rig Reuters
A bidding round for exploration blocks could include offshore and onshore blocks for both oil and gas

The Kuwait Foreign Petroleum Exploration Company (Kufpec) agreed on Friday to sell all of its assets in Norway to Poland’s Orlen, which operates in Norway under the name PGNiG Upstream for $454 million, the CEO of the Kuwaiti company said on Friday.

Mohammad Salem Al-Haimer said Kufpec booked about $700 million in profit throughout its time in Norway since 2013.

“This investment is one of the company’s most successful operations, from acquisition to exit,” he said.

“It’s a win-win deal for both parties. Kufpec has achieved its exit strategy and PGNiG has achieved its acquisition strategy,” said Al-Haimer, thanking the Norwegian government for the favourable business environment and Equinor, Kufpec’s partner in Norway.

Kufpec has stakes in several producing fields on the Norwegian continental shelf, including Gina Krog and Sleipner Vest, where Orlen is also a partner.

It also has a 21.8 percent  stake in the Equinor operated Eirin gas development, which will be tied back to the Gina Krog production platform with its gas exported via Sleipner Vest.