KUFPEC completes Norway assets’ sale

KUWAIT: Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced that the divestment of KUFPEC Norway AS (KNAS) assets has been completed after being approved by the Norwegian authorities. At the end of 2023, KUFPEC achieved another milestone through the successful exit of KUFPEC (China) Inc. from the People’s Republic of China, according to a KUFPEC statement received by KUNA on Friday.

KUFPEC Chief Executive Officer Mohammad Salem Al-Haimer said, “KUFPEC works relentlessly to optimize its current portfolio and maximize the value of its assets through successful divestments and intensifying efforts to enhance projects’ organic growth and exploration activities to meet the company’s strategic objectives.” “During our decade-long business journey in Norway, we achieved various monetary and technical achievements in terms of value addition and knowledge transfer to the Kuwaiti oil sector. “In China, we also achieved a successful exit, which was completed in one year. This achievement contributed to reducing the expected costs due to the exceptional efforts and efficiency of KUFPEC’s teams,” Al-Haimer noted.

“In both Norway and China, we have aimed to provide valuable contributions to the Norwegian and Chinese oil and gas sectors, and we thank the Norwegian and Chinese governments for these opportunities to have been part of their respective growth strategies,” he added. KUFPEC is an international upstream company engaged in the exploration, development, and production of crude oil and natural gas outside the State of Kuwait and is a wholly owned subsidiary of Kuwait Petroleum Corporation. — KUNA