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FINANCIAL NEWS
Kuwait’s Kufpec to drill for crude, gas in Vietnam in 2012
08 Dec 2011
(MENAFN) Kuwait Foreign Petroleum Exploration Co. (Kufpec) said that starting 2012, the firm would start drilling for crude and natural gas in Vietnam, reported Arabian Business.
The firm, a unit of state-run Kuwait Petroleum Corp, added that since 2009, it
had drilled 3 blocks in the Asian country, adding that by 2020, it would produce 200,000 barrels of oil equivalent from abroad, of which most would come from new joint ventures.
It also said that for the time being, Australia was a major target for the company; moreover, Kufpec had a 35 percent stake in a bloc in the West Area of Australia’s North shelf, where it produced natural gas from two fields along with its partner Apache Corp, which holds the rest of the block.
It is worth noting that Kufpec also looks for shale gas joint ventures in the US and South America, in addition to Europe, since the company plans to increase the number of fields it operates outside its home country.
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