Kufpec scales back output target
Kufpec reduces its goal for oil production following recent price downturn.
Kuwait Foreign Petroleum Exploration Company (Kufpec) has reduced its output target for oil and natural gas as a result of the fall in in oil prices that commenced in 2014, according to CEO Sheikh Nawaf Saud Al Sabah cited by Bloomberg.
Kufpec, a unit of national oil company Kuwait Petroleum Corporation, has adjusted its production goal for 2020 to 150,000 barrels a day (bpd) of oil equivalent from 200,000 bpd. The company pumped 84,000 bpd of oil equivalent last year. It is also presently looking to purchase assets in the US.
Al Sabah told Bloomberg Kufpec has a “reserves base” of 650mn barrels of oil equivalent, and its reserves target is unchanged at 657mn.
The company’s Wheatstone business in Australia is producing liquefied natural gas at full capacity at its first unit and a second unit should come on stream later in 2018. It is hoped investment in Kufpec’s Canadian shale gas and condensate project will generate heavy production for decades.