Established in April 1981 by its parent company Kuwait Petroleum Corporation (KPC), Kuwait Foreign Petroleum Exploration Company (KUFPEC) is an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait
KUFPEC is active in 14 countries spanning five continents: Australia, Asia, Africa, North America and Europe.
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Mr. Abdul Hussain
Mr. Faisal Al-Kazmawi
Mr. Mahmoud Al-Rahmani
Mr. Ahmad Al-Arbeed
Mr. Bader Al-Khashti
Mr. Fahed Al-Ajmi
Mr. Nizar Al-Adsani
The company successfully reached 352 mmboe reserves by end of December 2011 almost double of 2010 yearend.
Wheatstone LNG Project: The WA-356-P Julimar/Brunello Development and Wheatstone LNG project FID’s were signed on 26 September 2011 in Perth.
KUFPEC’s net profit was US$ 201 million as of 31st December 2012. Total revenues for 2012 exceeded US$ 1.3 billion, which is about the same as 2011.
KUFPEC also increased its financial capabilities by obtaining both the preliminary approval of the Supreme Petroleum Council (SPC) to increase KUFPEC’s investment capital from K.D 200 million to K.D 1.2 billion and approval of the General Assembly for a US$ 750 million corporate loan, in addition to using KPC’s bridge loan facility during 2012.
During 2012, KUFPEC participated in 13 exploration wells resulting in 7 discoveries in Pakistan, Australia, Indonesia and Vietnam.
KUFPEC also participated in 45 development wells drilled in 2012.
A preliminary estimate of new gas reserves of about net 10 mmboe were added from drilling the Kadanwari-27 and Badhra North 1 wells.
The Fletcher-Finucane Oil Project achieved formal joint venture investment sanction for a new field development plan for production to start in mid-2013.
KUFPEC entered into an arrangement to increase its stake in Fletcher field from 44.54% to 50% and Finucane field from 33.4% to 37.5% with the purchase of the Tap Oil interest.
KUFPEC also renewed four exploration permits WA-335-P, WA-356-P, TP/8 and EP 358, renewed one production license WA-8-L, and received three retention licenses WA-41-R, WA-45-R and WA-46-R.
Shaikh Nawaf Al-Sabah