Kuwait's KUFPEC borrows $ 1.1 billion to expand its shale gas business

Kubbek of Kuwait borrows $ 1.1 billion to develop his work on shale gas

Kuwait: Wael Mahdi
The company has signed a $ 1.1 billion financing contract with a number of banks to expand its operations, especially as the company is looking to dig thousands of wells into a rock gas project, said Sheikh Nawaf Saud al-Sabah.
The state-owned company said yesterday in a statement that Sumitomo Mitsui Banking Corporation of Japan, Abu Dhabi Bank First, Societe Generale, Mizuho Bank of Japan and Secusia Bank are participating banks.
The CEO said at a press conference in Kuwait, Total J loans on the business before the last loan is $ 3.5 billion, most have been repaid and will be repaid next year. He added that Kovpec produces about 8,000 barrels a day of oil equivalent in the form of gas and condensate (a kind of light oil) of its fields in the Kipop project in the state of the world. Alberta in Canada.
Sheikh Nawaf explained that the company And dug about 2000 wells in the coming years, up from 120 wells currently. However, he did not give details of the target production or the time required. "We are looking at this project with a long-term strategic vision and this project will help us maintain our target production up to 2040," he added. "We will increase drilling activity in Canada as oil prices improve and, if oil prices fall, drilling will decrease, but that does not mean that the rate of production will drop," he said. -he declares. We will maintain the production rates as they are if we can not increase them.
KPC 's Kubbek will produce 119,000 barrels a day of oil equivalent next month and will seek to increase production to 150,000 barrels per day of oil equivalent by 2020 at this level. until 2040, as Sheikh Nawaf explains.
The CEO adds that Kubek 's total assets are currently in the order of $ 7 billion. As for the size of the company's oil and gas reserves, it currently stands at about 494 million barrels of oil equivalent, and Kipop in Canada will add 28 million barrels to the company's reserves this year. Adding that the company is currently considering further acquisitions in oil and gas in the future without giving further details. He also explained that the company has moved away from 4 projects that are no longer economically viable in Australia and Indonesia.
The company currently produces approximately 38,000 barrels of oil equivalent from its projects in Australia, the largest of which is the Whitstone Gas Project. Project This project is one of the most important of the company as it gives it the right to supply gas to Kuwait when it is needed, but this decision is in the hands of the KPC.
Sheikh Nawaf says that Kubbek's future will be exploration. Areas presently present, but "will not close the eyes on promising opportunities in other regions".

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