Kuwait Foreign Petroleum Exploration Company (KUFPEC) is an international upstream company, which is a subsidiary of Kuwait Petroleum Corporation (KPC). The organization is involved in the discovery, expansion, and extraction of crude oil and natural gas outside Kuwait’s borders. KUFPEC operates in 10 nations across five continents, including Australia, Asia, Africa, North America, and Europe.[1]
History
It was founded in April 1981.
In June 2023, KUFPEC announced its plans to expand its regional presence and expand its footprint in Asia through its office in Kuala Lumpur, Malaysia.[2] In November 2023, Polish state-controlled oil and gas group Orlin was in preliminary talks to buy KUFPEC's stake in producing assets on the Norwegian continental shelf.[3] The deal was finalized later in the month, with KUFPEC selling all of its assets in Norway to Poland's Orlin, which operates in Norway as PGNiG Upstream, for $454 million.[4]