CONTINUOUS JOURNEY
TBY talks to Shaikh Nawaf S. Al-Sabah, Kuwait Foreign Petroleum Exploration Company (KUFPEC), on the sector.
What are some of KUFPEC's recent achievements?
The highlight of the year was the commencement of production and shipment of the first LNG cargo in October 2017 from the Wheatstone LNG project in Australia. The Wheatstone LNG project, KUFPEC's first and largest investment in international LNG production, will provide us with large-scale, stable production and cashflow for the next two decades. On top of this, we acquired an additional 15% interest in the Gina Krog field, Norway. This acquisition raised our holdings in the field to 30%, added approximately 34 million barrels in net proved and probable (2P) reserves, and boosted our Norwegian production to nearly 25,000bpd. In the liquids-rich Kaybob Duvernay shale gas project in Canada, 28 wells were drilled, 25 wells completed, and 27 wells put on production. This project provided KUFPEC with an addition of 39.5 million barrels of 2P reserves during 2017, while the production will gradually increase from its current level of 6 million bpd to reach its peak of 70 million bpd.
How has the acquisition in Gina Krog field in Norway boosted KUFPEC's portfolio?
The 30% working interest in the Gina Krog oil field, along with associated interests in the Greater Sleipner Area, add to KUFPEC's portfolio of long-term significant and immediate reserves and production. Furthermore, this project is forecasted to enhance the operational and financial performance of the company. The Sleipner Hub is the second-largest gas hub in Norway, and it will serve as a potential hub for future developments in the area. KUFPEC's recent acquisitions strengthen its position in Norway and allow for additional opportunities for national staff training and development.
How do you ensure the environmental sustainability of your operations?
Most of our portfolio consists of non-operated joint venture (NOJV) assets, so operator selection is paramount. We have a stringent set of criteria when evaluating a partner and part of the criteria is the operator's track record in health, safety, security, and the environment (HSSE). We also review the Environmental Impact Assessment (EIA) report for the asset and other relevant HSSE risk and environmental studies. As part of our global efforts to enhance HSSE and process safety performance, we sent a team abroad to one of our assets in Indonesia. This assessment is part of KUFPEC's continuous journey to safeguard its interest, influence its partners, and become a partner of choice.
CONTINUOUS JOURNEY
TABLE OF CONTENTS
Guest Speaker
Mevlüt Çavuşoğlu,, Minister of Foreign Affairs, Republic of Turkey
TBY talks to Mevlüt Çavuşoğlu, Minister of Foreign Affairs of the Republic of Turkey, on further developing relations in a variety of fields, strengthening economic cooperation with Kuwait, and working together on the refugee crisis.
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Sheikh Dr. Meshaal Jaber Al-Ahmed Al-Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
TBY talks to Sheikh Dr. Meshaal Jaber Al-Ahmed Al-Sabah, Director General of Kuwait Direct Investment Promotion Authority (KDIPA), on progress thus far, as well as continuing efforts for the year ahead.
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Dr. Khaled A. Mahdi, Secretary General , Supreme Council for Planning and Development
TBY talks to Dr. Khaled A. Mahdi, Secretary General of the Supreme Council for Planning and Development, on progress in Kuwait's National Development Plan, investing in human capital, and supporting SMEs.
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Potential for Revolution
The "New Kuwait" 2035 Development Plan was announced in January 2017 with the goal of revolutionizing Kuwait's economy in the next 20 years, diversifying it and making it competitive on the world stage. But revolutions do not come easy.
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Abdullah Hamad Al-Jouan, Chairman & President, The National Fund for Small & Medium Enterprise Development (National Fund)
TBY talks to Abdullah Hamad Al-Jouan, Chairman & President of The National Fund for Small & Medium Enterprise Development (National Fund), on increasing support for SMEs, technology overhaul, and sectors with potential.
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Dr. Osamah A. Alsayegh, Executive Director , Energy and Building Research Center (EBRC)
TBY talks to Dr. Osamah A. Alsayegh, Executive Director of the Energy and Building Research Center (EBRC), Kuwait Institute for Scientific Research (KISR), on increasing renewable energy generation capacity, improving energy security, and striving to align KISR with national development plans.
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Bakheet Al-Rashid, former President & CEO , Kuwait Petroleum International (KPI)
TBY talks to Bakheet Al-Rashidi, former President & CEO of Kuwait Petroleum International (KPI), on the company's successful operations in the past year, its investment plans, and opportunities in the sector.
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Ibrahim Al-Musaiteer, Deputy CEO, Administration and Finance at Petrochemical Industries Company (PIC)
TBY talks to Ibrahim Al-Musaiteer, Deputy CEO of Administration and Finance at Petrochemical Industries Company (PIC), on its contributions to add value to Kuwait's hydrocarbons.
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Qusai Al Shatti, Deputy Director General, Central Agency for Information Technology (CAIT)
TBY talks to Qusai Al Shatti, Deputy Director General of the Central Agency for Information Technology (CAIT), on implementing e-government initiatives, measuring progress, maintaining security.
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Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General, Kuwait Ports Authority (KPA)
TBY talks to Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General of the Kuwait Ports Authority (KPA), on the Kuwait Logistics City Project, plans to increase capacity, and digitalization.
read articleFocus: Healthcare Costs
The Costs of Living
Kuwait's health infrastructure and workforce is relatively small, while major health problems have arisen over the past decades. The state is still the dominant force in health expenditure, but private-sector participation is the key to expanding the healthcare sector.
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Ahmad Yousef Al Kandari, Vice Chairman & CEO , United Facilities Management (UFM)
TBY talks to Ahmad Yousef Al Kandari, Vice Chairman & CEO of United Facilities Management (UFM), on weathering the storm, freeing up client potential, and laying the groundwork for successful organizational structure.
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Ali Hussein Al-Yoha, Secretary General, National Council for Culture, Arts, and Letters (NCCAL)
TBY talks to Ali Hussein Al-Yoha, Secretary General of National Council for Culture, Arts, and Letters (NCCAL), on protecting Kuwaiti folklore, encouraging investment in cultural tourism, and bringing the benefits of culture to every Kuwaiti's doorstep.
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Rana A. Al Nibari, General Manager, The Scientific Center Kuwait (TSCK)
TBY talks to Rana A. Al Nibari, General Manager of The Scientific Center Kuwait (TSCK), on rousing people's curiosity for science and technology, connecting with students and their families, and encouraging sustainability.
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