Kuwait has sought to purchase oil related properties internationally, such as as in Southeast Asia in order to meet output targets. This was confirmed by a senior industry executive in the Gulf kingdom.
According to Kuwait Foreign Petroleum Exploration CEO Sheikh Nawaf Saudi Al-Sabah in an interview with Bloomberg, he was 'looking very seriously' at overseas assets. Currently, the state owned company owns blocks in China and Vietnam.
Sheikh Nawaf added, "The way to do this is through acquisitions and acquisitions are not piecemeal but are strategic in nature." The current output, he said, is not at a level that is liked. The output at current rates is 80% of output for gaa production and for this he added, "The challenge is to try and get more oil as well."
KUFPEC as a whole seels to increase reserves to 650 million barrels by 2020 from the current 400 million barrels. The company holds exploratory licenses in Australia, Pakistan and Yemen. The company is also evaluating opportunities in North America, specifically shale gas projects.
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