Kuwait’s KUFPEC plans up to $3.5 billion in acquisitions: report

State-owned Kuwait Foreign Petroleum Exploration Company (KUFPEC) plans “major acquisitions” in a bid to raise Kuwait’s foreign oil production by 30% by 2026, local media reported on Wednesday.

The company anticipates making the acquisitions with investment between USD 975 million and USD 3.49 billion, Al-Anba said.

KUFPEC will reportedly rely on financing to fund the acquisitions.

The report did not speculate on the type or location of the assets to be required.

The company’s anticipated 2024 oil production was listed as 107,100 bopd, while 139,300 bpd is targeted by 2026. However, comparing the numbers to the company’s latest annual report, they may reflect both oil and gas production, or boepd. KUFPEC has not released a statement on the report.

KUFPEC engages in exploration, development and production of crude oil and natural gas in markets outside of Kuwait. It is currently active in nine countries: Canada, Australia, Pakistan, Malaysia, Indonesia, the UK, Egypt, Yemen and Mauritania.