Kuwait Foreign Petroluem signs $1 billion loan to fund growth

Dubai: Kuwait Foreign Exploration Co.(KUFPEC) has signed a $1 billion five year term loan facility to fund its international expansion plans, Kuwait’s state news agency (KUNA) said in a report.

KUFPEC is involved in exploration, development, and production of crude oil and natural gas in and outside Kuwait. It is currently active in 15 countries with 63 projects in the international upstream sector.

KUFPEC aims to increase its production to 200,000 boepd (barrels of oil equivalent per day) with reserves of 650 mmboe (million barrels of oil equivalent) by 2020.