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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KUFPEC uses an enterprise-wide portfolio approach for the management of enterprise risk. ERM provides uniform processes to identify, measure, manage, mitigate, and report on key risks. It supports KUFPEC’s BoD corporate governance needs, enables informed decision-making, and identifies areas for the optimization of value.
KUFPEC ERM program aims to support overall objectives of KUFPEC and contribute to the overall KPC risk management effort. This ERM Program is governed by KUFPEC’s Enterprise Risk Management Policy. Risk will be managed through a formal risk process set forth in this Policy.
KUFPEC’s ERM function brings risk knowledge and information to the fore in decision-making processes to mitigate the downside of unrewarded risk while exploiting rewarded risk to benefit from business opportunities.
The policy strengthens KUFPEC’s ability to develop an integrated view of risk and the means to handle risks with a comprehensive approach.