Kuwait lured to Chevron’s Canadian shale assets by technology, LNG, analysts say | Financial Post

Kuwait lured to Chevron’s Canadian shale assets by technology, LNG, analysts say | Financial Post:



"Kuwait’s 30% stake in Chevron Corp.’s Duvernay play gives the country access to the elusive shale technology that has stumped Middle East producers, and perhaps a stake in Canada’s liquefied natural gas export market in the future. 




State-owned Kuwait Foreign Petroleum Exploration Co. (Kufpec) is investing US$1.5-billion in Chevron’s liquids-rich shale resources in about 330,000 net acres in the Kaybob area of the Duvernay in west-central Alberta, the companies said Monday. Chevron will remain the operator and has commenced a full appraisal drilling program that ends in 2017. The deal is expected to close in November. 




“The transaction, which will be Kufpec’s first investment in North America, provides Kufpec with the opportunity to develop shale technology,” the company, a unit of state-owned Kuwait Petroleum Corp., said in a statement. “Transfer of knowledge and skills to the Kuwaiti oil sector will be driven by Kuwaiti staff working with Chevron on the project in Canada.”"



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