Kufpec, the overseas upstream arm of state oil firm KPC, plans to hike net output from 2022’s 98,000 boe/d to 139,300 boe/d by 2026, according to KPC documents seen by al-Anbaa. The local daily’s 28 February report says the target is part of Kufpec’s ongoing five-year plan which also envisages the disposal of 16 assets, as well as $3.5bn spending on new acquisitions. Kufpec finalized its exit from Norway earlier this year, selling assets to Poland’s PGNiG (MEES, 12 January), following exits from China and the Philippines in 2023 and Tunisia in 2022.

The portfolio is largely gas-weighted. Anbaa says 2024 output is targeted at 107,000 boe/d, which would match the firm’s 2019 record. With Norway having contributed 22% of 2022’s output, production likely fell below 78,000 boe/d last year following the divesture. Whilst ramp-up at key gas projects in Australia and Canada offers up the hope of gains this year, output is unlikely to top 90,000 boe/d, never mind the official 107,000 boe/d target. (CONTINUED - 201 WORDS)