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KUWAIT -- Kuwait Foreign Petroleum Exploration Company k.s.c. (KUFPEC) announced today that its wholly-owned subsidiary KUFPEC Norway AS has reached agreement to acquire a 15% interest in the Gina Krog field from Total E&P Norge AS, a wholly-owned subsidiary of Total S.A., for a consideration of $317 million, with effective date of Jan. 1, 2017.

At closing, KUFPEC will add approximately 34 MMboe in net reserves and approximately 9,000 boed of production from Gina Krog, which came on-stream in June 2017 and is operated by Statoil. The addition of the new production will take KUFPEC’s production in Norway close to 25,000 boed.

KUFPEC CEO Shaikh Nawaf Saud Nasir Al-Sabah stated: “KUFPEC continues to execute its strategy to grow in profitable projects in Norway, and this transaction builds on our 2016 acquisition of Greater Sleipner Area assets from Total, which included a 15% interest in Gina Krog.”