Kuwait Foreign Petroleum Exploration Company (Kufpec) has exited Norway, divesting all of its assets to Poland’s Orlen, operating under the name PGNiG Upstream, in a $454 million deal.
The strategic move is said to align with PGNiG’s plans to significantly increase its gas production over 2020 levels.
Since 2013, Kufpec has enjoyed a profitable stint in Norway, amassing about $700 million in profit from its ventures in the region, according to Kufpec chief executive Mohammad Salem Al-Haimer, as reported by Reuters.
