King & Spalding Advised KUFPEC On Acquisition Of 20% Interest In Orca And Sul De Orca Blocks In Brazil
King & Spalding advised KUFPEC on Acquisition of 20% Interest in Orca and Sul De Orca Blocks in Brazil
The global law firm, King & Spalding advised Kuwait Foreign Petroleum Exploration Company, k.s.c.c. (KUFPEC) on its agreement to acquire a 20 percent interest in the Orca and Sul De Orca oil and gas assets in Brazil from Shell Brasil Petróleo Ltda, a wholly owned subsidiary of Shell Plc. The transaction remains subject to requisite regulatory approvals.
The development plan for the assets includes the installation of a floating production storage and offloading (FPSO) vessel with a processing capacity of up to 120,000 barrels of oil per day. Current estimated recoverable resource volumes for the Orca development are approximately 370 million barrels, with production expected to commence in 2029.
KUFPEC is an international upstream energy company engaged in the exploration, development, and production of crude oil and natural gas outside the State of Kuwait. The company operates as 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 Matt Hartsuyker (Partner – Abu Dhabi), with support from 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.
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