Kuwait Foreign Petroleum Exploration Company (Kufpec) announced yesterday record profits of $70 million in the first three quarters of 2000, up 71 per cent on the same period last year.
Chairman Ahmad Al Arbeed told a Press conference that profits for the state-owned company responsible for producing oil abroad in 2000 are estimated at $92 million, up 33 per cent on 1999’s $69 million.
Sustained profits for the last six years have enabled Kufpec to erase accumulated losses that at one stage reached 90 million dinars ($293 million). “We have been able to erase all the accumulated losses so far. Now, we can start with a positive financial statement,” Arbeed said.
Kufpec is involved in oil production in Australia, China, Egypt, Pakistan, Sudan and Yemen, as well as Indonesia and Tunisia, and is currently discussing new projects with Algeria, Libya, Iran and Malaysia, he said.
Revenues for Kufpec, fully owned by the emirate’s oil giant Kuwait Petroleum Corporation (KPC) have reached $185 million on September 30 this year, compared to $117 million the same period last year.
Thanks to high world oil prices, revenues for the whole of 2000 were expected to exceed $230 million, Arbeed said.
“Record revenues and profits will enable the company to transfer profits to the parent company KPC at the end of this year,” he said.
Established in 1981, Kufpec made its first profits in 1994 after years of sustained losses because of a sharp drop in oil prices in the 1980s.
The company’s daily production has reached 30,000 barrels a day of gas and crude oil, and is planning to double its output within five years, Arbeed said. Kufpec’s target is to produce 200,000 barrels per day in 2015.
It also raised reserve stocks from 113 million barrels of gas and crude in 1995 to 178 million barrels this year, and is planning to increase this figure several times. – AFP