KUWAIT CITY, Jan 6: According to informed sources, the Kuwait Foreign Petroleum Exploration Company (KUFPEC) aims to increase production from 107,000 bpd to 150,000 bpd by 2027. To achieve this, KUFPEC is working on expanding its foreign oil investments with partners and is currently evaluating several profitable opportunities to acquire highly lucrative projects. They explained that KUFPEC is intensifying efforts to discover new oil wells in Egypt, and is anticipating further discoveries in the Gulf of Suez Basin, particularly in the “Geisum & Tawila West” concession during the current year. In pursuit of this goal, KUFPEC is expanding its exploration investments in Egypt in partnership with local collaborators and using advanced drilling platforms. As a result, production has reached 23,000 bpd since the discovery of the “GNN” well.

Kuwait Petroleum Corporation (KPC) has increased its confidence in KUFPEC after the company achieved unprecedented positive financial results in 2023. KUFPEC’s exit from its assets in Pakistan is not final, as the company is preparing for a new round of future projects in Pakistan, Indonesia, and other countries where it operates. The company’s strategy focuses on exiting unprofitable projects with a beneficial value for the company. The sources highlighted the sale of its investments in Norway in 2024, which generated returns of USD 700 million since KUFPEC’s initial investments in 2013. They revealed that KPC has given the green light to KUFPEC to continue its exploration efforts in various regions and countries to maintain the company’s progress. The sources said the sale of any company assets requires the approval of KPC, which holds regular meetings between KUFPEC’s leadership and the Board of Directors of KPC, headed by Sheikh Nawaf Al-Saud Al-Sabah, who expressed his satisfaction with the efforts made by KUFPEC in recent years.

By Najeh Bilal
Al-Seyassah/Arab Times Staff