Kufpec, the overseas upstream arm of Kuwait’s state oil firm KPC, plans to buy its way towards its 2020 production target. But this has taken a major hit with the collapse of the planned $900mn acquisition of Shell’s 22.2% stake in Thailand’s 1bn cfd Bongkot gas field.
Kufpec had appeared to think the purchase was a done deal, with approval from the Thai government a formality. But the deal fell through on 4 October, leaving Kufpec even further from its 2020 target of 200,000 boe/d. It’s 2017 output without Bongkot (the purchase of which was to have been backdated) is now set to be just 82,000 boe/d (see chart). (CONTINUED - 899 WORDS)
