The Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced that its affiliate unit, "KUFPEC Norway AS", has presented a plan to the Norwegian Ministry of Petroleum and Energy (MPE) to develop and operate the Eirin field in cooperation with Equinor.
The production is expected to start in 2025.
The company revealed in a statement carried by Kuwait news agency (KUNA) that the Eirin field, which was discovered in 1978 and acquired by KUFPEC in 2016 as part of a deal with Total, holds recoverable reserves estimated at 27.6 million barrels of oil.
The license partners are Equinor (78.2%) and KUFPEC Norway (21.8%).
KUFPEC CEO Mohammad Al-Haimer stated that production is expected as early as 2025 with a total investment cost of $108.4 million.
He added that developing the Eirin field would reinforce the current Norwegian KUFPEC portfolio by adding more low-cost and high-profit gas production to the European market.
Haimer went on to say that the Eirin field is a subsea facility tied to the Gina Krog platform and is also composed of drilling two development wells.
KUFPEC is an international upstream company engaged in the exploration, development, and production of crude oil and natural gas outside Kuwait and is a wholly owned subsidiary of Kuwait Petroleum Corporation.