Kuwait Foreign Petroleum Exploration Company (KUFPEC) is seeking acquisition opportunities to boost its oil and natural gas production to reach 150,000 barrels of oil equivalent per day (boe/d) by 2020, Reuters reported.
KUFPEC’s production is “currently at 120,000 (boe/d), and we expect to be close to 150,000 (boe/d) thanks to organic growth we foresee in our existing projects,” Nawaf Al-Sabah, acting CEO said in an interview.
Al-Sabah pointed out that the company will focus on opportunities in countries such as Malaysia, Indonesia, Pakistan, and Australia. In addition, the company plans to develop its current producing assets in countries Southeast Asia, Pakistan, Canada, and Norway.
“We need one or two strategic acquisitions over the near term to close the gap and reach a sustainable 150,000 (boe/d) of production. If we get an opportunity in a new jurisdiction that fits within our strategy, we will take that as well,” he added.
KUFPEC represents Kuwait’s foreign exploration arm which produces around 2.7 million barrels per day (b/d) of oil and plans to boosts its crude oil production capacity to 4.75 million b/d in 2040.