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Kuwait Petroleum Corporation

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Kuwait Petroleum Corporation News

Workers on a rig in the Natuna field. Kuwait is investigating further developments in Indonesia

Kuwait’s state oil company to expand in Indonesia

State-owned Kuwait Foreign Petroleum Exploration Company plans to expand its operations in Indonesia, according to the company’s senior executive. Kufpec is a subsidiary of Kuwait Petroleum Corporation, tasked with exploring and extracting oil and gas outside Kuwait’s borders. It is active in nine countries across Australasia, Africa, North America and Europe. In Indonesia Kufpec already […]

Workers on an oil rig in New Mexico, US. The incoming Trump administration is giving Opec+ plenty to think about

Opec+ likely to adopt a wait-and-see strategy for 2025

Opec+ leaders have much to consider ahead of their meeting next week – little of it positive for flagging oil prices.  First, there is the prospect of a second presidential term for Donald Trump as leader of the world’s largest oil producer and exporter; second, an economic downturn in China that shows no sign of […]

Kuwait oil minister

New oil minister in Kuwait after reshuffle

A new oil minister, Tarek Suleiman Ahmed Al-Roumi, has been appointed in Kuwait as part of a broader cabinet reshuffle. Al-Roumi will replace Nora Suleiman Al-Fassam, who is Kuwait’s finance minister and was overseeing the oil ministry temporarily, the state news agency, Kuna, reported. Al-Fassam stepped in after the resignation in September of the deputy […]

National oil companies in the Middle East are developing their trading businesses in pursuit of new sources of income

National oil companies venture into trading business

Traditionally conservative national oil companies (NOCs) in the Middle East are developing their trading businesses in pursuit of new sources of income and to eat into the bumper profits of commodities houses. OQ of Oman, Saudi Aramco, UAE’s Adnoc and QatarEnergies have successfully developed their refined products and trading over the last decade to catch […]

Kuwait's National Assembly building. A new oil minister has been appointed amid challenges in the industry and ongoing political instability

Kuwait’s oil minister resigns amid energy challenges

Kuwait’s finance minister, Nora Suleiman Al-Fassam, has been appointed acting oil minister, after the resignation on Sunday of the deputy prime minister and minister of oil, Imad Al-Ateeqi, amid ongoing political instability in the country. Al-Fassam is also minister of state for economic and investment affairs, having been appointed just last month. She came from […]

Kuwait power cuts, Kuwait blackouts

Heat blackouts blamed on Kuwait’s fuel supply issues

Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […]

According to the US International Trade Administration, Kuwait holds about 7 percent of global oil reserves and has a current production capacity of about 3 million bpd

‘Huge’ oil discovery could change the game for Kuwait

Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […]

Adnoc said it had 'no interest in continuing the process' to buy a controlling stake in Brazil's Braskem

Adnoc ends talks to buy stake in Brazilian petchem producer 

Abu Dhabi state-owned energy company Adnoc has ended talks to buy a controlling stake in Brazilian petrochemical company Braskem. “Adnoc International Limited has no interest in continuing the process of analysis and negotiations with Novonor on the potential transaction,” the São Paulo-listed company said in a bourse filing on Monday. Following the disclosure, Braskem shares dropped […]

Kuwaiti oil major to buy 50% of Italian biodiesel producer 

The Italian subsidiary of Kuwait Petroleum International (KPI), the international downstream subsidiary of state-owned Kuwait Petroleum Corporation (KPC), has signed an agreement to purchase 50 percent of Eco Fox, an Italian biofuel producer. The deal will help develop, produce and distribute sustainable biofuels that will reduce carbon emissions in the transportation sector, state-owned Kuna news […]

Workers work at Majnoon oil field in Iraq. The country aims to increase output to 7 million barrels per day.

Saudi Arabia hits brakes as others push oil output capacity

Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […]