Kuwait Foreign Petroleum Exploration Company (Kufpec) has made $1.2bn foreign upstream asset acquisitions in Thailand and Norway.

The Kuwait Petroleum Corporation subsidiary bought Royal Dutch Shell’s stake in the Gulf of Thailand for $900m, the company announced in a statement.

The offshore concessions are located in the Bongkot gas and condensate field and Greater Bongkot Area. The purchase includes a 22.2222 per cent non-operated interest in those concessions, which were acquired from the Anglo Dutch firm’s Thai upstream unit Shell Integrated Gas Thailand Limited.

Completion of the acquisition is subject to procedural matters, the firm said.

The acquisitions will help Kuwait advance significantly towards its 2020 strategic targets, it added.

In Norway, Kufpec acquired offshore assets from Total’s Norwegian subsidiary for $300m.

The acquisition adds nearly 46 million barrels of oil equivalent (mmboe) in net reserves and more than 9,000 boe/d of production to Kufpec’s Norwegian assets, which are operated by Norwegian operator Statoil.

The investment was channelled through Kufpec’s Norwegian subsidiary, which had recently pre-qualified as an operator in the oil-rich Scandinavian country.

Kufpec has taken stakes in the following interests in the Greater Sleipner area:

• 15 per cent interest in the Gina Krog development (where oil extraction is expected in second quarter of 2017)
• 9.4 per cent interest in the Sleipner Vest producing field
• 10 per cent interest in the Sleipner Øst producing field
• 6.2 per cent interest in the Utgard development
• 21.8 per cent interest in the Eirin discovery

The acquisitions are expected to bring Kufpec’s total production to more than 100,000 boe/d and provide “significant reserves, material production, and strong cash flows,” said Kufpec chief executive Shaikh Nawaf Saud Nasir al-Sabah.