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KPC’s overseas upstream arm Kufpec has seen its net output remain largely stagnant at just over 70,000 b/d of oil equivalent (boe/d) in recent years. But it has an ambitious target of increasing this to 200,000 boe/d by 2020. To meet this target, Kufpec has been expanding aggressively under the auspices of Shaikh Nawaf, following former CEO Nizar al-‘Adsani’s appointment as KPC chief in 2013. Although there was no production increase in 2014, Shaikh Nawaf attributes this to a focus on buying assets in the development stage.
Some of Kufpec’s biggest deals in 2014 included taking a 30% interest in three South China Sea blocks operated by Chinese state firm CNPC, shortly after spending $1.5bn for a 30% stake in Chevron’s Duvernay shale lease in western Canada’s Alberta, and $1.14bn for Shell’s 8% stake in Australia’s Wheatstone-Iago offshore gas field, and a 6.4% stake in the Wheatstone LNG project, taking its stake in the liquefaction project to 13.4%. Kufpec also signed an exploration license and concession agreement with Pakistan for exploration rights in the Paharpur Block in March (MEES, 10 April).
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