Kuwait Foreign Petroleum Exploration Company
| Company type | Subsidiary |
|---|---|
| Industry | Oil and Gas |
| Founded | April 1981 |
| Headquarters | Kuwait City , Kuwait |
Area served | Worldwide |
| Products | Petroleum, Natural gas |
| Services | Exploration, Development, Production |
| Parent | Kuwait Petroleum Corporation (KPC) |
Kuwait Foreign Petroleum Exploration Company (KUFPEC) is an international upstream company. KUFPEC is a subsidiary of Kuwait Petroleum Corporation (KPC) and was founded in April 1981. The organization is involved in the discovery, expansion, and extraction of crude oil and natural gas outside Kuwait’s borders. KUFPEC operates in 10 nations across five continents, including Australia, Asia, Africa, North America, and Europe.[1]
Recent developments
[edit]Disposal of Norwegian assets
[edit]In November 2023, Polish state-controlled oil and gas group Orlin was in preliminary talks to buy KUFPEC's stake in producing assets on the Norwegian continental shelf.[2] The deal was finalized later in the month, with KUFPEC selling all of its assets in Norway to Poland's Orlin, which operates in Norway as PGNiG Upstream, for $454 million.[3]
Collaboration with Mari Petroleum Company Limited (MPCL)
[edit]In November 2023, KUFPEC and Mari Petroleum Company Limited (MPCL) signed a Memorandum of Understanding (MoU). This agreement allows them to collaborate, jointly assess, and participate in the bidding process for selected blocks both within Pakistan and internationally. This collaboration is a part of MPCL's plan to partner with top E&P companies to expand its exploration area, improve its reserve replacement ratio, and enhance the value for its shareholders.[4]
Achievements
[edit]KUFPEC has made several important discoveries namely it discovered Jannah gas, condensate and oil fields in Yemen. It also discovered a new oil field in Egypt's Jessim and Tawila West Concession.[5] In 2022, KUFPEC Indonesia B.V. discovered a new oil and gas reservoir in the Anambas-2X exploration well in the Anambas Block, Natuna Sea.[6]
Expansion in Asia
[edit]In June 2023, KUFPEC announced its plans to expand its regional presence and expand its footprint in Asia through its office in Kuala Lumpur, Malaysia.[7]
Operations
[edit]KUFPEC collaborates with other E&P corporations in joint ventures, serving as both an active and passive partner. Major assets include offshore and onshore exploration leases, oil and gas appraisal and development properties, and oil and gas-producing properties.[1]
References
[edit]- ^ a b https://www.kufpec.com/en/about-us/overview
- ^ Bousso, Ron; Strzelecki, Marek; Hagagy, Ahmed; Bousso, Ron (November 14, 2023). "Orlen in advanced talks to buy Kuwait Foreign Petroleum's Norwegian assets -sources". Reuters – via www.reuters.com.
- ^ "Kuwait's KUFPEC sells all assets in Norway to PGNiG for $454 mln -November 17, 2023 at 01:32 pm EST | MarketScreener". www.marketscreener.com. November 17, 2023.
- ^ Release, Press (November 17, 2023). "Mari Petroleum signs MoU with KUFPEC". Brecorder.
- ^ https://www.moo.gov.kw/single-news.aspx?par1=10500
- ^ Ridwan, Muhammad (February 11, 2022). "Perusahaan Asal Kuwait Temukan Cadangan Migas di Natuna". Bisnis.com.
- ^ "KUNA : Kuwait's KUFPEC seeks to enhance existence in Asia - General - 03/06/2023". www.kuna.net.kw.