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Kuwait: Kufpec set for 100,000 boe/d-plus production
Kuwait Petroleum Corporation’s Kuwait Foreign Petroleum Exploration Company (Kufpec) subsidiary is buying a 22% interest in the Bongkot gas and condensate field and other concessions in the Gulf of Thailand from Royal Dutch Shell. The deal is part of Shell’s disposal of assets to reduce its debts, following the $70bn acquisition of BG Group. Kufpec is paying $900m for 68m barrels of oil equivalent in proved and probable reserves and production of around 39,000 boe/d. In December, Kufpec completed the acquisition of assets from Total in the Greater Sleipner Area, offshore Norway, for $300m.
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