Kuwait looks to Australia for oil and gas production boost

KUWAIT Foreign Petroleum Exploration Company (KUFPEC) will consider acquiring production assets in Australia as part of the company’s strategy to boost its oil and gas production rates to 150,000 barrels of oil equivalent per day by 2020.
Kuwait looks to Australia for oil and gas production boost Kuwait looks to Australia for oil and gas production boost Kuwait looks to Australia for oil and gas production boost Kuwait looks to Australia for oil and gas production boost Kuwait looks to Australia for oil and gas production boost

 

In an interview with Reuters, KUFPEC acting chief executive Sheikh Nawaf al-Sabah, said the state oiler was looking at four countries in particular to acquire further strategic interests such as Australia, Indonesia, Malaysia and Pakistan.

KUFPEC is one of the joint venture partners in the Chevron-operated Wheatstone LNG project in Western Australia with a 13.4% interest in the project. First LNG production was announced on October 9 2017 and the first LNG cargo set sail on 31 October of the same year, a significant delay from the original timeline.

Separate to Wheatstone, the state oiler has substantial interests in 11 other production licenses across Western Australia.

Most recently Woodside Petroleum and KUFPEC were jointly awarded the W18-7 lease area in the northern Carnarvon Basin in March this year.

The question could be whether it would take a stake in the Scarborough field. Woodside currently holds 75% and BHP the remainder but the Perth-based oiler has said it will farm down a portion of the project, with rumours suggesting Saudi Aramco could take a stake, or a Chinese NOC.

CEO Peter Coleman has said he would keep Woodside's stake at 40% or above during a conference call earlier this year.

"We need one or two strategic acquisitions over the near term to close the gap and reach a sustainable 150,000 boepd of production," al-Sabah said.

"If we get an opportunity in a new jurisdiction that fits within our strategy, we will take that as well," he said.

Around a fortnight ago, the company returned to operatorship in Indonesia after being officially awarded the Anambas Block PSC

Anabas is located in the Natuna Sea and covers approximately 3,450 sq.km. The Block also neighbours the Natuna-A Block which KUFPEC has had an interest in since the 1980s.

 

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