Kuwait Foreign Petroleum Exploration Company (Kufpec), the overseas upstream subsidiary of state-owned Kuwait Petroleum Corporation (KPC), is targeting a 20% hike in production to 96,500 barrels of oil equivalent a day (boe/d) by the end of 2013. Speaking to MEES just days before being appointed as the new head of state-owned Kuwaiti Petroleum Coporation (KPC) on 16 May, Kufpec’s former Chairman and Managing Director, Nizar al-‘Adasani said output will be boosted by key Asian purchases.
Kufpec’s overall production has already risen to 80,000 boe/d from around 72,000 boe/d for both 2011 and 2012 (MEES, 12 April). The key boost has come from the Qadirpur gas field in Pakistan and from the expansion of the company’s Chinese output with the recent purchase of BP’s 34.3% stake in the Yacheng offshore gas field (see table). (CONTINUED - 952 WORDS)
