|Want to teach yourself about IOCs and NOCs?||"Teach Yourself Oil" Companies and Markets|
|Key people||Fahed S. Al Ajmi (Chairman and Managing Director)|
|Products||Crude oil and natural gas exploration, development and production|
|Revenue||US $1.09 billion (2010)|
|Net income||US $143 million (2010)|
Current Global Profile
The Kuwait Foreign Petroleum Exploration Company (KUFPEC), established in 1981 as a subsidiary of Kuwait Petroleum Company (KPC), is an international oil company engaged in exploration, development and production of crude oil and natural gas outside Kuwait.
According to the company's 2010 Annual Report, Kufpec is active in 16 countries, with operations grouped within four core areas: South East Asia (Indonesia, Malaysia, Vietnam); Far East and Australia (Australia, China, Philippines); Middle East (Pakistan, Yemen, Syria); Africa (Egypt, Sudan, Tunisia, Ivory Coast, Mauritania, Congo.
Company Report Highlights
Kufpec's total revenues in 2010 were US $1.09 billion, compared to $821 million in 2009; total net profits were $143 million in 2010, compared to $108 million in 2009. The company's daily average production in December 2010 was 80,102 barrels of oil equivalent per day (boepd), compared with 58,300 boepd in 2009; and its total reserves in 2010 were 237 million barrels of oil equivalent (mmboe), compared to 221 mmboe the previous year.
Looking ahead, Kufpec's annual report set a target of 130 million barrels of oil equivalent per day (mboepd) net production target by 2015 supported by a net reserve base of 430 mmboe. It set a 200 mboepd net production target by year 2020 supported by a net reserve base of 650 mmboe, with the goal of maintaining it through 2030.
UN Global Compact
As of mid 2012, Kufpec through its parent company KPC was not a supporting company of the UN Global Compact.
- In 2009, contributed to the rehabilitation of the Wadi Hadhramaut region in Yemen following floods in the area, according to the Kufpec website.
- Also in 2009, Kufpec and its partners participated in South Sudan in the completion of project to process a physics laboratory at the University of Juba, with a cost of US $500,000, and included a contribution to build two primary schools and a school for secondary and a center of activities for women.
- In 2011, the company donated to the victims of droughts in Somalia, floods in Pakistan, and made a donation to the Kuwaiti Fire Service Directorate.