Kuwait Foreign Petroleum Exploration Company k.s.c.c. (KUFPEC), through its Norwegian subsidiary KUFPEC Norway AS, has been awarded the new exploration license PL 1174S by the Norwegian Ministry of Petroleum and Energy (MPE) as part of the exploration bid rounds known as Awards in Predefined Areas (APA 2022). KUFPEC was awarded a 20% working interest in the license along with Equinor, the operator, with 60% and Petoro 20%.

KUFPEC CEO Mohammad Salem Al-Haimer stated that this nearfield exploration acreage has the potential to add production and utilize ullage capacity on Sleipner field.

The work program, over 7 years of exploration phases, covers seismic reprocessing of existing Multi Client 3D seismic data in the first 2 years of the study phase and making a decision to drill or drop prior to entering the next 2-year phase with drilling an exploration well. Further, the concession agreement will soon be signed between the JV partners and the Ministry of Petroleum and Energy (MPE).

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.