KUFPEC to add $300m investment in Indonesia

Kuwait Foreign Petroleum Exploration Co (KUFPEC) would invest another US$200 to 300 million in Indonesia within 2 to 3 years, a KUPPEC top official said Tuesday.

KUPPEC Deputy Managing Director A. Naser Al-Fulaij told reporters after meeting with Indonesian Vice President Jusuf Kalla that the additional investment aims at boosting production from the current output of 15,000 barrel per day.

"We may increase $200 or 300 million in oil and gas sector within 2 to 3 years. Our target is to double that (15,000 barrel per day) within a very short period. We want to take advantage of that. We want to acquire more production and reserves in Indonesia," he said.

He said that his company, which has already operated in Indonesia for over 20 years with a total investment of one billion U.S. dollars, is looking for new partners.

KUFPEC now holds participating interests in five production sharing contracts in Indonesia, including Pangkah PSC (25%), offshore E. Java, Natuna Sea Block A (33.3%), offshore Natuna, Blora PSC (40%), onshore C. Java, Seram (Non-Bula) PSC (30%), onshore Maluku and Buton PSC, onshore/offshore S.E Sulawesi. (*)