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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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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.