Kufpec Output Misses Target, Plans Further Expansion

Kufpec, the overseas upstream subsidiary of Kuwait Petroleum Corporation (KPC) plans further expansion. Big projects anywhere are a target.

Kufpec currently produces about 80,000 barrels of oil equivalent per day (boe/d), CEO Sheikh Nawaf Al Sabah told last week’s CWC Kuwait Oil and Gas Summit in Kuwait City. This is the same level produced in May 2013 when Kufpec told MEES it was targeting a 20% hike in production – to 96,500 boe/d – by the end of 2013 (MEES, 27 May 2013).

Despite this, Sheikh Nawaf says Kufpec is on course to realizing its goal of producing 200,000 boe/d by 2020 and maintain that level through 2030.

Kufpec increased its capital expenditure sixfold last year: to $4.27bn from $710mn in 2012.

BIG PROJECTS TARGETED

The goal, says Sheikh Nawaf, is to buy into larger projects going forward: “We are not really looking at 2000-3000 barrels [per day of oil equivalent] deals.” (CONTINUED - 473 WORDS)