backKing & Spalding represented Kuwait Foreign Petroleum Exploration Company, k.s.c.c. (“KUFPEC”) on its agreement to acquire a 20% interest in the Orca and Sul De Orca oil and gas assets from Shell Brasil Petróleo Ltda, a wholly-owned subsidiary of Shell Plc. The transaction is subject to requisite regulatory approvals.
The development plan for the asset includes the installation of a floating production storage and offloading (FPSO) vessel with capacity of up to 120,000 barrels of oil per day. Current estimated recoverable resource volumes of the Orca development are approximately 370 million barrels, with production expected to start in 2029.
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.
Commenting on the transaction, lead partner Matt Hartsuyker said: “We are delighted to support KUFPEC on this strategically significant acquisition in one of the world’s most dynamic offshore basins and look forward to continuing our work together.”
The King & Spalding team advising on the transaction was led by Abu Dhabi-based partner Matt Hartsuyker, supported by Simon Fraser, Chris Travis, Caio Gabra and Saiesh Kamath from the Abu Dhabi office; Ben Williams from the Dubai office; Salomé Ugarte and Raphael Fleischer from the Brussels office; and Michael Langan from the London office.