Kuwait’s state foreign upstream arm Kufpec has sold its 10% stake at the Repsol-operated Yme oil field in Norway’s North Sea to the Lime Petroleum subsidiary of Singapore-listed Rex International for $68mn of which Rex says it paid $55mn to Kufpec on 23 December. Lime has stakes in 18 licenses in the North and Norwegian Seas.
Yme began production in October 2021, with Kufpec’s 2021 annual report saying that its net share of output was set to hit a plateau of 3,400 boe/d in 2023, whilst net recoverable reserves were 5.64mn boe. (CONTINUED - 181 WORDS)