Kufpec-Canada, a unit of Kuwait Foreign Petroleum Exploration Company (Kufpec), has bought 30 percent of Chevron's holdings in Duvernay Shale basin in Alberta, Canada, it said here on Thursday.
Chevron's Canada subsidiary, Chevron Canada Ltd., still owns a 70 percent stake in Duvernay, and will continue as the operator, Kufpec added.
The venture covers about 330,000 acres of Chevron-operated leases in the emerging liquid-rich Kaybob area.
KUFPEC, a subsidiary of Kuwait Petroleum Corporation, is an international petroleum company engaged in the exploration, development, and production of crude oil and natural gas outside the State of Kuwait. It is currently active in 15 countries with 64 projects in the international upstream sector.
The company continues to work aggressively towards meeting its targets and achieving its strategy plans aiming to increase its production to 200,000 boepd with reserves of 650 million barrels of oil equivalent (MMBOE) by year 2020 while delivering value to the Kuwaiti oil sector.