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.

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai's smart palm tree technology revealed

Dubai's smart palm tree technology revealed

Smart Palms harness the sun's energy to allow people to look...

Decision time looms for Saudi on nuclear power?

Decision time looms for Saudi on nuclear power?

As other countries push ahead with their plans for conventional...

1
With crude at $50, oil firms fear deeper crisis than in 1980s

With crude at $50, oil firms fear deeper crisis than in 1980s

After slashing spending by $180 billion to deal with one of the...

Most Discussed