Pumping up the volume: Kufpec
Kufpec makes plans for output booster
The Kuwait Foreign Petroleum & Exploration Company (Kufpec) plans to increase its output capacity to 114,000 barrels per day by 2010 and will achieve this by buying more assets, a company official said today.
Kufpec also plans to increase its reserves to 431 million barrels, Abdullah al-Nibari, the company's manager of new business development told an energy conference in Dubai.
Nibari did not give current production or reserves figures but said the company was eyeing assets in the Middle East, Africa, the Far East and Australia, a Reuters report said.
In October, Kufpec said its output target for the same period was 100,000 bpd, reiterating a plan announced in 2000 when its output stood at 29,000 bpd.
It said then its reserves target was 410 million barrels.
Nibari said Kufpec would also be open to opportunities in South America. "If there are opportunities in South America we have no problem spending out money there."
Kufpec has said Africa was in its sights, particularly its west and north coast.