On 21 December 2016  KUFPEC Norway AS, a wholly –owned KUFPEC subsidiary completed the acquisition of upstream interests located offshore Norway in the Greater Sleipner Area from Total E&P Norge AS, a wholly-owned subsidiary of TOTAL S.A. for a consideration of $300 Million with effective date of 1 January 2016.

The acquired interests consist of the following assets:

• a 15% interest in the Gina Krog development (first oil expected in second quarter 2017)
• a 9.4% interest in the Sleipner Vest producing field
• a 10% interest in the Sleipner Øst producing field
• a 6.2% interest in the Utgard development
• a 21.8% interest in the Eirin discovery

The acquisition expands KUFPEC’s presence in Norway and builds on KUFPEC Norway’s recent pre-qualification as an operator. The transaction adds approximately 46 mmboe in net reserves with over 9,000 boepd of production in 2016, expected to exceed 13,000 boepd once Gina Krog is on-stream later this year. All the acquired assets are operated by Statoil, the leading operator in Norway.
 
Commenting on the transaction, KUFPEC Chief Executive Officer Shaikh Nawaf Saud Nasir Al-Sabah stated,
“This acquisition is the latest step which will provide significant reserves, material production and strong cash flows to our portfolio. It will put us well on our way toward achieving our strategy through acquisition of profitable and quality assets that provide significant upside to contribute to the company’s future goals. We look forward to working closely with world class partners to realize the full potential of the assets.”