Kufpec

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Type Government-owned Corporation
Founded 1981
Headquarters Safat, Kuwait
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)[1]
Website www.kufpec.com

Overview

Current Global Profile

The Kuwait Foreign Petroleum Exploration Company (KUFPEC), established in 1981[2] 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.[3]

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.[1]

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.[1]

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.[1]

Global Snapshot

EITI

As of mid 2012, Kufpec through its parent company KPC was not a supporting company of EITI.[4]

UN Global Compact

As of mid 2012, Kufpec through its parent company KPC was not a supporting company of the UN Global Compact.

CSR Review

  • 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.[5]

References

  1. 1.0 1.1 1.2 1.3 "2010 Annual Report, Kufpec website, Retrieved 9 July 2012.
  2. "History, Kufpec website, Retrieved 9 July 2012.
  3. "Overview, Kufpec website, Retrieved 9 July 2012.
  4. "Stakeholders, EITI website, Retrieved 9 July 2012.
  5. "Philanthropy, Kufpec website, Retrieved 9 July 2012.