The Kuwait Foreign Petroleum Exploration Company (Kufpec), the overseas upstream subsidiary of state-owned Kuwait Petroleum Corporation (KPC), is days away from finalizing its production target for 2013, a Kufpec official tells MEES. More details will be available after the decision is made.
Kufpec met its 2010 production target of 80,000 barrels of oil equivalent per day (boe/d), but has since witnessed declines. While the company produced just 72,000 boe/d in 2011 and MEES estimates that it produced at a similar rate in 2012, it intends to produce 130,000 boe/d by 2015 and 200,000 boe/d by 2020. But this will likely require the company to consolidate its strategy and refocus its efforts on larger, more productive projects. (CONTINUED - 1022 WORDS)