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Kufpec, the overseas upstream arm of Kuwaiti state giant KPC, is falling well short of its ambitious production targets. But it remains confident that its exposure to new technologies and techniques will pay dividends domestically further down the line.
Kufpec has snapped up upstream assets across the globe in recent years. The firm is charged with not just providing additional production to Kuwait’s domestic output, but also forging stronger links with IOCs and, crucially, bringing new technologies and techniques back to Kuwait. But it has arguably yet to truly succeed in any of these.
Despite all the activity, Kufpec resembles a long term project for Kuwait, with the immediate benefits extremely limited. Production has been static in recent years and indeed fell in 2015. At just 67,000 b/d, 2015 output was just half a 2015 target figure of 130,000 b/d reiterated as recently as 2013 (see chart).
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