KUWAIT, 31st January, 2017 (WAM) — Kuwait Foreign Petroleum Exploration Company, KUFPEC, has signed agreements to acquire shares of Shell Integrated Gas Thailand Pte. Limited for US$ 900 million.

The shares will be acquired by the company’s subsidiary KUFPEC Thailand Holdings Pte Limited from BG Asia Pacific Holdings Pte. Limited, a wholly-owned subsidiary of Royal Dutch Shell.

According to the Kuwait News Agency, KUNA, under the agreement, the parties have agreed an appropriate allocation of decommissioning liabilities. The acquired interests include a 22.2 percent non-operated interest in the concessions related to the Bongkot gas and condensate field and Greater Bongkot Area.

KUFPEC also announced that its wholly-owned subsidiary KUFPEC Norway AS on December 21st, 2016, completed the acquisition of upstream interests located offshore Norway in the Greater Sleipner Area from Total E and P Norge AS, a wholly-owned subsidiary of TOTAL S.A. for a consideration of US$300 million with effect from January 1st, 2016.

Commenting on the transactions, KUFPEC Chief Executive Officer, Sheikh Nawaf Saud Nasser Al-Sabah, said, “These acquisitions are the latest steps in a series of acquisitions by KUFPEC of assets that provide significant reserves, material production, and strong cash flows to our portfolio.”

“The addition of the Thailand asset, along with the completion of the Norway acquisition last month, will provide the company with total production exceeding 100,000 barrels of oil equivalent per day for the first time in KUFPEC’s history,” he added.

WAM/AAMIR/Moran