The state-owned Kuwait Foreign Petroleum Exploration Company (KUFPEC) recently announced it had discovered commercial quantities of light crude oil in its offshore Australian exploration venture. New explorations have raised Kufpec’s oil reserves to 232 million barrels in 2001, up from 175 million barrels the previous year.
KUFPEC posted $20 million profits in the first quarter of 2002. The company earned $86 million profits in financial year 2001, down 17 percent from the $104 million net profits in the previous year. The company's daily output totaled 32,000 barrels of gas and crude oil during the year 2001, a figure which is expected reach up to 44,000 barrels a day during 2002.
Established in 1981, KUFPEC is a subsidiary of the emirate's oil giant Kuwait Petroleum Corporation (KPC), managing the upstream activities with interests in oil and gas fields in ten countries worldwide. KUFPEC prospects, develops and produces crude oil and natural gas in Australia, China, Congo, Egypt, Indonesia, Malaysia, Pakistan, Sudan, Tunisia and Yemen. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
