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Kufpec, the oversees upstream arm of Kuwaiti state giant KPC, on 4 September increased its holdings offshore Norway, paying Total $317mn for the major’s remaining 15% stake in the Statoil-operated Gina Krog field. The field produces both oil and gas (around 65% oil). Recoverable reserves are 106mn barrels oil, 3.2mn tons of NGLs and 417bn ft³ of gas.
The deal also advances Total’s North Sea restructuring following last month’s purchase of Maersk (MEES, 25 August).
Kufpec bought an initial 15% of Gina Krog from Total in December 2016 alongside 9.4% in the nearby Sleipner West and 10% of Sleipner East wet gas fields. Gina Krog only came online on 30 June this year, but Sleipner output of around 530mn cfd means that by backdating its late-2016 Norway purchases to 1 January 2016 Kufpec was able to book full year net output of 9,180 boe/d.
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