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 13 countries spanning five continents: Australia, Asia, Africa, North America and Europe.
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Australia, Philippines, China
The major milestone of the year is the commencement of production in the much-anticipated Wheatstone LNG project. First LNG production was announced on 9 October 2017 and the first LNG cargo set sail on 31 October of the same year. Additionally, other key highlights for 2017 include the drilling of two wells: an
exploration/appraisal side-track in Galoc, and an exploration well (Swell -1) in the WA-483P permit.
Overall KUFPEC’s net production from the Far East Australia Region (FEAR) for 2017 decreased from 7,505 boepd in 2016 to 7,023 boepd. This decrease can be attributed to the greater than expected natural decline of some of the producing fields, operational issues and removing the production of Harriet Joint Venture
by way of divestment.
The divestment of the Harriet Joint Venture was a strategic sale for the company and a step in the right direction for meeting KUFPEC’s 2040 Strategy.
KUFPEC also exercised the last renewal option and applied for extending the exploration permit WA-356P for a further 3 years to evaluate and de-risk the prospects planned for drilling in 2021.
In China, the Hongkong Pipeline repair insurance claim Phase 1 and 2 were completed. A one-year extension to Phase 1 was also granted for exploration blocks 52-22 and 52-26 to allow time to fully evaluate the block potential.
WA-49-L KUFPEC: 35%
Production license WA-49-L contains the Julimar/Brunello gas development project. Gas from Julimar/Brunello will be produced to the Wheatstone LNG Facility. In October 2017, production wells from the Brunello gas field were cleaned up and commenced production via the Wheatstone offshore platform. In 2017 our net production averaged 512 boepd.
WA-46-L, 47-L, 48-L KUFPEC: 8%
Production licenses WA-46-L, WA-47-L and WA-48-L contain the Wheatstone/ Iago gas development project. Gas from the Wheatstone and Iago gas fields will be produced to the Wheatstone LNG project. In October 2017, production wells were cleaned and gas production from the fields to the LNG plant commenced. In 2017 our net production averaged 524 boepd.
Wheatstone LNG Project KUFPEC: 13.4%
The project’s first production and shipment of LNG were both accomplished in October 2017 via Train 1. Train 2 of the LNG plant and the domestic gas plant are planned for completion, with production commencement in 2018.
WA-26/27-L and WA-54-L
KUFPEC net oil production averaged 2,332 boepd during 2017.
WA-191-P KUFPEC: 37.5%
Exploration permit WA-191-P was renewed in 2015 for a period of five years. The permit is currently in its third year of the extension with commitment of G&G studies. Technical meetings and workshops were held in 2017 to discuss the progress on prospect maturation using Davros 3D seismic data and the way forward.
WA-483-P KUFPEC: 40%
The Swell-1 exploration well was drilled in 2017 to a total depth of 5,006 meters.
Studies and well evaluations will continue into 2018 to evaluate potential prospectivity.
WA-71-R KUFPEC: 47.5%
In 2017, the JV continued to mature potential development options for Bunyip gas discovery.
WA-356-P KUFPEC: 35%
Exploration permit WA-356-P is currently in the final year of the five-year renewed term. Assessment, approval and submission of a further renewal application was undertaken in 2017 prior to the end of the current term in March 2018.
SC14C Galoc Field KUFPEC: 26.84%
Galoc 7 and 7ST exploration well and an appraisal side-track were both drilled in April 2017. Hydrocarbons were established but poor reservoir quality preclude proceeding with Galoc Phase- 3 development.
KUFPEC’s net production from Galoc field averaged 981 boepd during 2017. Despite natural decline, all wells were running and producing steadily throughout the year with minor maintenance and planned shutdowns.
13-1 Yacheng Field KUFPEC: 30%
KUFEC’s net production from Yacheng field averaged 2,608 boepd during 2017, compared to a net average production of 2,722 boepd in 2016. This is mainly due to the natural decline of the field. Within efforts to maintain the field’s production, re-perforation for one well and workovers for two wells were conducted in Q3/Q4 of this year. The insurance claim for Hong Kong pipeline repair was finalized. The tie-in agreement for Wenchang was completed and further negotiations on the Transportation and Handling Agreement (TPHA) as well as Dongfang/Goalan tie-in agreement are ongoing. Block 63-13
With exploration commitment: 80% All commitments in this block were fulfilled without any commercial discovery. KUFPEC and Chinese National Offshore Oil
Corporation (CNOOC) agreed not to extend the PSC and to terminate it on 30 November 2017.
With exploration commitment: 80%
In agreement with CNOOC, KUFPEC was granted a one-year extension to conduct further technical evaluation before drilling the remaining commitment well.