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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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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.