KUFPEC divests Yme oil field in Norway

Kuwait Foreign Petroleum Exploration Company (KUFPEC) said Thursday its subsidiary (KUFPEC Norway AS) has divested its 10 percent equity in the Yme field by selling its 10 percent working interest in Production Licenses PL 316 and PL 316 B to Lime Petroleum AS.

KUFPEC achieved record profits from its Norwegian assets in 2022 while the negotiation team played a significant role in one of the most successful divestments carried out in KUFPEC’s history, KUFPEC’s CEO Mohammad Salem Al-Haimer said in a press statement.

The deal was completed on 23 December 2022 with effect from 1 January 2022 as per the sale and purchase agreement, he added.

KUFPEC is an international upstream company engaged in 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 (KPC).

Source: Kuwait News Agency