Kuwait eyes overseas oil assets

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Kuwait is seeking to make oil acquisitions in regions including south-east Asia as part of plans to meet output targets, according to a senior industry executive in the Gulf state.

Sheikh Nawaf Saudi Al-Sabah, CEO of Kuwait Foreign Petroleum Exploration (KUFPEC), told Bloomberg that he was “looking very seriously” at overseas assets.

The state-owned firm currently has blocks in China and Vietnam, where it is seeking to do more. “The way to do this is through acquisitions, and acquisitions that are not piecemeal but that are strategic in nature,” Sheikh Nawaf said.

He added that current output is “not a level that we like”, with gas production accounting for 80 percent of output. “The challenge is to try and get more oil as well,” Sheikh Nawaf said.

KUFPEC, which also operates in Asia, Africa, Australia and other parts of the Middle East, also wants to increase reserves to 650m barrels by 2020 from its present 400m barrels. The company has exploration licences in Pakistan and Australia, and recently secured another in Yemen.

Sheikh Nawaf said the company is also evaluating North American and shale gas opportunities.

Sheikh Nawaf was appointed head of KUFPEC this year as part of a major shake-up of the Gulf state’s natural resources industry, which included new chiefs for a number of large state-owned oil and petrochemical firms.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Wolfgang Zimmer

We heard this before. Whilst all the NOCs are shopping for additional reserves the arab NOCs have to deal with a serious problem: not enough experienced E&P proffessionals who can deal with these purchases. That will never change.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Back in business

Back in business

Iran’s tankers are back on the oceans as sanctions on the Islamic...

A new future for Saudi Arabia?

A new future for Saudi Arabia?

The vast Wadd Al Shimal phosphate mine in the north of Saudi...

Will shale shake the Middle East?

Will shale shake the Middle East?

The debate over shale’s impact on the GCC continues. Will this...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams