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Kuwait Foreign Petroleum Exploration Company will acquire a 20 percent stake in the Orca offshore project in Brazil from UK-based energy company Shell.
The Kufpec stake acquisition is subject to regulatory clearance in Brazil, the state-owned Kuwait News Agency reported.
Orca is a deep-water project in the pre-salt Santos Basin, with a capacity of 120,000 barrels of oil per day. The first shipment is expected in 2029.
Pre-salt fields host oil reserves beneath thick layers of deposited salt.
The estimated recoverable resource…
