Kuwait Foreign Petroleum Exploration Company (KUFPEC) has achieved the production of 100 mboepd at the beginning of 2018 and raised production up to 119 mboepd in July 2018, recording the highest production rate since establishing the company in 1981
Shaikh Nawaf Saud Nasir Al-Sabah, CEO of KUFPEC, said this during a recent press conference at head office auditorium.
According to him, the achievement was supported by the revived oil prices that dropped sharply during the last few years leaving a heavy burden on oil companies.
KUFPEC’s leading projects in Australia, Norway and Canada continued recording positive results in accordance with the company operational programs and plans. In Australia, production from LNG Train 2 started in mid-June 2018 to raise production of the project to 38 mboepd and it is expected to increase more during the current year.
The company’s production from Norway, Greater Sleipner Area, raised to 30 mboepd. In Canada, Kaybob project fulfilled further encouraging results through adding 28 mmboe of proven reserves, within the current year, to the company reserve that estimated 494 mmboe.
Shaikh Nawaf expressed his thanks to all members of board of directors and employees “whose great efforts empowered the company to record such distinguished results besides paving the way towards fulfilling our growth strategy.”
