Kuwait Foreign Petroleum Exploration Company, or KUFPEC, the international investment arm of Kuwait Petroleum Company (KPC) is on an urgent global hunt for corporate acquisitions and oil-producing assets, and it is not too picky about what to buy.
Charged by KPC with nearly doubling its output by next year, the company was seeking to negotiate one or more substantial deals by the end of this year that would add at least 10,000 barrels of oil equivalent per day (boepd) of oil and gas production and 30 million barrels equivalent of reserves, said Shayma Amin, an international business analyst and petroleum engineer with KUFPEC.
“KUFPEC has gone into acquisition mode this year,” she told an oil conference in Dubai. “Our production targets are very sharp. We need to reach our targets. The only way to do so is by corporate acquisitions.”
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