Kuwaiti KUFPEC invests in Yemen
The Kuwaiti Foreign Petroleum Excavation Company (KUFPEC), has announced plans to expand its oil excavation operations in Yemen in the future, according to reports in London based Al-Hayat daily.
Chairman of the Board, Ahmed Rashed said that KUFPEC is willing to invest $12 million in surveys and excavation operations along the Yemeni Makla coast, in cooperation with 12 other partners.
In recent years, Yemen—not a member of OPEC—has increased its exploration and production sharing agreements with several foreign companies in an attempt to raise its output. Oil production this year is expected to reach 500,000 barrels per day (bpd) (compared with 441,000 bpd last year) as a result of new development projects that include new wells and several new oil fields. –(MENA Report)
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