KUWAIT – Kuwait Foreign Petroleum Exploration Co. (KUFPEC) UK has agreed to acquire all shares in Norsk AEDC from AOC Holdings.
Assuming approval from Norway’s government, the transaction will net KUFPEC shares in five Norwegian offshore licenses, including a 10% interest in the Talisman-operatedYme field in the North Sea.
This will be KUFPEC’s first entry into Norway. The company already has offshore interest in theUK sector.
The company is active in 60 exploration and production projects in 14 countries, and plans to develop sustained production worldwide. The company’s strategy is to reach and maintain a total production of 200 MMboe/d during 2020-2030.