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Kuwaiti (KUFPEC) obtains an exploration concession in Norway with a 20 percent stake

21-01-2023

The Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced that it had obtained the exploration concession (PL-1174S) from the Norwegian Ministry of Petroleum and Energy. (KUFPEC) said in a press release today, Thursday, that its share in the exploration concession amounts to 20 percent, while the share of the operating company (Equinor) is 60 percent, and (Petoro) company obtained the remaining 20 percent. It added that it had obtained this concession after successful efforts made by its subsidiary (KUFPEC Norway Limited) during the bidding round for exploratory concessions. The statement quoted the CEO of (KUFPEC) Muhammad Al-Haimer as saying that this concession may contribute to supporting production and the capabilities of the Norwegian (Sleipner) fields, pointing out that the work program extends for more than seven years during the exploration stages. Al-Haimer added that the work program includes processing three-dimensional seismic data during the first two years of the study phase, while the decision is taken to start drilling operations or withdraw from the concession in the next two-year phase, which also includes drilling the commitment well. It is noteworthy that the Kuwait Foreign Petroleum Exploration Company is a subsidiary of the Kuwait Petroleum Corporation and works in the field of exploration, development and production of crude oil and natural gas outside the State of Kuwait.