Kuwait Foreign Petroleum Exploration Company, k.s.c.c. (KUFPEC) is pleased to announce that it has reached an agreement, through its subsidiary Energy Development Corporation (E.D.C.) B.V. (“EDC”), to acquire a 20% interest in Orca and Sul De Orca asset from Shell Brasil Petróleo Ltda, a wholly-owned subsidiary of Shell Plc, as of 1 January 2026. The transaction is also subject to all requisite Brazilian regulatory approvals.

The development plan for the asset includes the installation of a floating production storage and offloading (FPSO) vessel to produce up to 120,000 barrels of oil per day. Current estimated recoverable resource volumes of the Orca development are approximately 370 million barrels with production expected to start in 2029.

KUFPEC CEO Eisa Al-Maraghi stated that “the transaction is a significant milestone for KUFPEC as we enter Brazil’s pre-salt Santos Basin, one of the world’s most attractive offshore oil provinces. It aligns strongly with our strategy to build a balanced high-quality international portfolio through disciplined investments in world-class assets. We are pleased to strengthen our long-standing partnership with Shell and to establish a new collaboration with Ecopetrol, looking forward to working together to unlock the full value of this asset”.

KUFPEC is an international upstream company engaged in 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.

About KUFPEC

KUFPEC is an international upstream company engaged in 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.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.