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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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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.