Kistos received a 2023 tax rebate of $84mn in December from Norway and expects another $65mn at the end of this year in respect of 2024 investments, it said in a stock exchange statement January 8. This “simplifies and strengthens our balance sheet” and demonstrates “the strong investment environment in Norway,” said the executive chairman Andrew Austin.
The privately backed company “remains well-placed to fund existing developments and future growth opportunities.” These include more output, converting resources to reserves and better field economics. In the UK, the Greater Laggan Area will see more equity gas. Kistos is also mulling a major expansion of its gas storage operation. Storage is becoming more valuable as UK gas output falls and security of supply relies even more on imported LNG from global markets.
The company is also on the look-out for “acquisition opportunities that offer value accretive expansion.”
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