Kuwait Foreign Petroleum Exploration Company ('KUFPEC') has reached an agreement, through its subsidiary Energy Development Corporation ('EDC'), to acquire a 20% interest in Orca and Sul de Orca asset from Shell Brasil Petróleo Ltda, a wholly-owned subsidiary of Shell, as of 1 January 2026. The transaction is also subject to all requisite Brazilian regulatory approvals.
The development plan for the asset includes the installation of a floating production storage and offloading (FPSO) vessel to produce up to 120,000 barrels of oil per day. Current estimated recoverable resource volumes of the Orca development are approx. 370 million barrels with production expected to start in 2029.
KUFPEC CEO Eisa Al-Maraghi stated that 'the transaction is a significant milestone for KUFPEC as we enter Brazil’s pre-salt Santos Basin, one of the world’s most attractive offshore oil provinces. It aligns strongly with our strategy to build a balanced high-quality international portfolio through disciplined investments in world-class assets. We are pleased to strengthen our long-standing partnership with Shell and to establish a new collaboration with Ecopetrol, looking forward to working together to unlock the full value of this asset'.
KUFPEC is an international upstream company engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait and is a wholly owned subsidiary of Kuwait Petroleum Corporation.
Surce: KUFPEC
