KUWAIT: The Norwegian Ministry of Petroleum and Energy (MPE) has awarded Kuwait Foreign Petroleum Exploration Company (KUFPEC) a new exploration license via its Norwegian subsidiary KUFPEC Norway AS to develop Eirin fields in Norway. A statement by KUFPEC said that the license is in cooperation with an international energy company (Equinor) to develop the Eirin field, which was discovered in 1978, as a subsea facility tied to the Gina Krog platform in the North Sea.
Recoverable reserves in the field are estimated at 27.6 million barrels of oil equivalent, most of which is gas, the statement added. Eirin Field is a subsea facility tied to the Gina Krog platform in the North Sea, and with partial electrification of Sleipner, production from Eirin will have low emissions, the statement said. KUFPEC CEO Mohammad Salem Al-Haimer stated that working on this project aims at developing KUFPEC’s status in the fields of development and operation and maintaining its status in the market to enhance its capital returns.
Extending Gina Krog’s productive life also gives the opportunity to mature additional new reserves in the area with good profitability and low CO2 emissions from production, he added. Condensate from the Eirin gas will be exported to Sleipner A via a planned oil pipeline from Gina Krog to Sleipner A. Rich gas will be transported by pipeline to the Sleipner A facility for further processing, Al-Haimer added.
The license partners are Equinor (78.2%) and KUFPEC Norway (21.8%), with production expected as early as 2025 with a total investment cost of USD 108.4. KUFPEC is an international upstream company engaged in the exploration, development, and production of crude oil and natural gas outside the State of Kuwait and is a wholly owned subsidiary of Kuwait Petroleum Corporation.- KUNA