KUFPEC Completes Sale of Norway Assets and Exit of KUFPEC (China) Inc.

Kuwait, 5 January 2024 - Kuwait Foreign Petroleum Exploration Company, k.s.c.c. ("KUFPEC") is pleased to announce that the divestment of KUFPEC Norway AS ("KNAS") assets has been completed after being approved by the Norwegian authorities with an effective date of 1 January 2023. At the end of 2023, KUFPEC achieved another milestone through the successful exit of KUFPEC (China) Inc. from the People's Republic of China.

KUFPEC Chief Executive Officer Mohammad Salem Al-Haimer stated that "KUFPEC works relentlessly to optimize its current portfolio and maximize the value of its assets though successful divestments, and intensifying efforts to enhance projects' organic growth and exploration activities to meet the Company's strategic objectives. During our decade long-business journey in Norway, we achieved various monetary and technical achievements in terms of value addition and knowledge transfer to the Kuwaiti oil sector. In China, we also achieved a successful exit which was completed in one year. This achievement contributed to reducing the expected costs due to the exceptional efforts and efficiency of KUFPEC's teams. In both Norway and China, we have aimed to provide valuable contributions to the Norwegian and Chinese oil and gas sectors, and we thank the Norwegian and Chinese governments for these opportunities to have been part of their respective growth strategies", stated the CEO.