KUFPEC Norway AS

KUFPEC Norway AS is an upstream oil and gas company focused on exploration, development and production activities on the Norwegian continental shelf. It is a fully owned subsidiary of KUFPEC UK Ltd, which in turn is wholly owned by Kuwait Foreign Petroleum Exploration Company k.s.c.c., a subsidiary of Kuwait Petroleum Corporation. The company is registered in Stavanger, Norway, where it rents offices in Ankerbygget in the city centre, and had 18 local employees in 2022. KUFPEC Norway has been present in Norway since 2013, initially entering the market through the acquisition of Norske AEDC. KUFPEC Norway has built a non-operated portfolio of interests in several producing and exploration fields. Its offshore projects have included stakes in the Gina Krog oil and gas field, the Sleipner East and West gas and condensate fields, and the Utgard gas and condensate field. Through transactions with Total, KUFPEC increased its Gina Krog working interest to 30 percent, participating alongside Statoil/Equinor, PGNiG Upstream International and Aker BP. The company held a 10 percent interest in the Repsol‑operated Yme field until this stake was sold to Lime Petroleum in 2022. In collaboration with Equinor, KUFPEC Norway holds 21.8 percent of the Eirin gas discovery, for which the partners submitted a Plan for Development and Operation in 2023, based on a subsea tie‑back to the Gina Krog platform and two development wells. KUFPEC Norway operates as a non‑operator and works with field operators to improve working conditions in joint venture supply chains. It has been actively involved in partial electrification of the Sleipner and Gina Krog area to reduce greenhouse gas emissions, in line with KUFPEC’s HSSE priorities. The company reported a profit of USD 271.85 million in 2022. In 2023 KUFPEC UK Limited agreed to divest its 100 percent shareholding in KUFPEC Norway AS to PGNiG Upstream Norway AS, as part of KUFPEC’s strategy to rationalize its portfolio while retaining Norway as a core area of interest for potential future opportunities.