Kufpec, the overseas upstream arm of state-owned Kuwait Petroleum Corporation (KPC) reported a decline in its oil and gas production in 2024 to 76,205 boe/d, well short of its 107,000 boe/d target for the year. CEO Mohammed al-Haimer attributed the decline in production from last year’s 96,022 boe/d to the divestment of the company’s Norwegian assets, which had accounted for 21% of its total production in 2023.
Kufpec finalized its exit from Norway in early 2024, selling assets to Poland’s PGNiG (MEES, 12 January 2024), following exits from China and the Philippines in 2023 and Tunisia in 2022. The Norwegian assets had netted Kufpec 20,532 boe/d in 2024. As with the rest of Kufpec’s portfolio, output was primarily gas. (CONTINUED - 963 WORDS)
