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Kuwaiti KUFPEC Expects Production in Norwegian Eirin Field to Start in 2025

The Gina Krog gas platform. (KUNA)
The Gina Krog gas platform. (KUNA)
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Kuwaiti KUFPEC Expects Production in Norwegian Eirin Field to Start in 2025

The Gina Krog gas platform. (KUNA)
The Gina Krog gas platform. (KUNA)

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.

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Business

Gold Nears $4,400 on Weaker Dollar, Reduced Fed Rate-hike Bets

Gold bracelets on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold bracelets on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
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Gold Nears $4,400 on Weaker Dollar, Reduced Fed Rate-hike Bets

Gold bracelets on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)
Gold bracelets on display for sale at a gold shop in Istanbul's Grand Bazaar (AFP)

Gold drifted higher on Monday, supported by a weaker dollar and recent soft economic data that reduced expectations for a US interest rate hike next month. Spot gold rose 0.4% to $4,391.49 per ounce by 0520 GMT.

Prices hit a more-than-two-month high last week. US gold futures for December delivery edged 0.3% higher to $4,448.40, Reuters reported.

The US dollar index was down 0.2%, making greenback-priced metals ⁠more affordable for ⁠other currency holders.

"Gold has taken the ball and run with it to start the week, with soft inflation numbers keeping the US dollar under pressure and giving gold extra headroom to push towards the $4,400 level," said Tim Waterer, chief market analyst at KCM Trade.

"A sustained ⁠move above $4,500 would likely need additional dollar weakness or a clearer pullback in energy prices."

An unexpected decline in US nonfarm payrolls in July, coupled with data showing only mild consumer price inflation, has reduced expectations that the US Federal Reserve will raise interest rates next month.

Traders are now pricing in a 30% chance of a September rate hike, down from 47% a month earlier, CME's FedWatch Tool showed.

Lower interest rates reduce the opportunity ⁠cost of ⁠holding non-yielding bullion, enhancing its appeal to investors.

Markets are now awaiting minutes of the Fed's July meeting, due on Wednesday, for further clues on policymakers' monetary stance.

On the geopolitical front, US President Donald Trump's envoys met with Egyptian, Qatari and Turkish mediators in Cairo on Sunday, a diplomatic source said, aiming to advance his Gaza peace plan, even as Israel pressed on with airstrikes in the enclave.

Among other metals, spot silver rose 1.4% to $65.57 per ounce. Platinum fell 0.1% to $1,746.43, while palladium gained 1.4% to $1,331.10.

Business

Oil Rises as US-Iran Peace Talks Stall, Hormuz Shipping Slows

WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP
WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP
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Oil Rises as US-Iran Peace Talks Stall, Hormuz Shipping Slows

WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP
WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP

Oil prices rose on Monday as fading expectations of a US-Iran peace breakthrough and slower tanker traffic through the Strait of Hormuz reinforced geopolitical risk concerns in the market.

Brent crude futures rose as much as 1% to $89.40 per barrel and were last trading up 72 cents at $89.20 by 0229 GMT. The US West Texas Intermediate crude ⁠futures rose 44 cents ⁠to $82.83 a barrel, Reuters reported.

Both contracts gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and on a Saudi Aramco refinery.

Over the weekend, Iranian Foreign Minister Abbas Araghchi said Iran had not decided to resume talks with the US ⁠while US President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues.

"Oil prices have now rebounded almost completely from the lows seen in early August, as hopes for a more permanent resolution between the US and Iran have faded and geopolitical risk premiums have returned to the market," said Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore.

"However, I see limited upside from here unless we get clear evidence of renewed aggression in the ⁠Strait of ⁠Hormuz, particularly material damage to tankers or oil infrastructure," she said.

Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers.

Five commodity vessels transited the strait on Saturday, with none registered for Sunday, ship-tracking data from Kpler showed, versus 31 for the prior weekend.

The United Arab Emirates accused Iran of attacking a third vessel operated by ADNOC that was transiting the strait on Friday, the Emirati state news agency WAM reported, after blaming it for two other incidents involving ADNOC vessels in the strait on Thursday evening.

Business

S&P Affirms IsDB’s 'AAA' Rating

S&P Affirms IsDB’s 'AAA' Rating
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S&P Affirms IsDB’s 'AAA' Rating

S&P Affirms IsDB’s 'AAA' Rating

Standard & Poor’s (S&P) has affirmed the Islamic Development Bank’s (IsDB) long-term issuer credit rating at “AAA,” with a stable outlook, and its short-term issuer credit rating at “A-1.”

The ratings reflect S&P’s assessment of IsDB’s strong financial position, supported by high levels of capital and liquidity, as well as continued support from its shareholders.

S&P highlighted IsDB’s vital policy role in advancing economic development and social progress in its member countries.

It noted the targeted growth in financing under IsDB’s strategy for the next decade, which focuses on promoting inclusive growth, climate action, and strengthening partnerships among member countries.

Despite geopolitical tensions, IsDB has demonstrated a strong capacity to fulfill its mandate, reflecting the shareholders’ ability and commitment to providing the necessary support.

S&P expected any potential risks to be contained through the diversification of IsDB’s portfolio, prudent capitalization policies, and the strength of its financial position.