KUFPEC eyes new Alberta exploration opportunities

KUWAIT CITY, Aug 13: The Kuwait Foreign Petroleum Exploration Company (KUFPEC) is currently evaluating development opportunities in the Canadian province of Alberta in preparation for acquiring new exploration and production rights, say reliable sources. Sources confirmed that KUFPEC recently completed the comprehensive engineering risk assessment of the assets of the Quebec-Doverney project in Canada, in which KUFPEC holds 30 percent stake.

Sources explained that this move is in line with the management vision of the company to mitigate operational and financial risks in its international projects and ensure sustainable production in accordance with the highest global standards of safety and environmental protection. Sources said the company confirmed that it entrusted the technical and engineering evaluation to PriceForbes, a global and independent firm, to ensure the highest level of impartiality and professional accuracy. Sources added that these field activities received full logistical and technical support from representatives of Natural Resources Canada Limited, with the active on-site participation of Price- Forbes experts and representatives of the Quebec Canada office.

Sources disclosed that the survey included gas gathering and compression sites to assess safety levels in handling associated gas, as well as testing the quality of well and drilling platforms to verify the effectiveness of primary accident defenses. Sources stated that the technical team focused on evaluating the resilience of safety management, readiness of emergency response plans and preventive maintenance practices, and analyzed business risks and linked them to insurance benchmarking to ensure the best insurance coverage at the lowest possible cost. Sources added that the final survey results showed excellent indicators confirming the sound operational status of the Canadian project, including the efficiency of robust safety systems and the effective operations management systems and programs.

Sources affirmed that the survey results proved that the project has distinguished human resources and technical personnel with exceptional expertise and strong readiness to handle any emergency. Sources pointed out that this is a confirmation of the implementation of the best governance mechanisms, flexible and rigorous change management processes, and field discipline through full adherence to standards of cleanliness, order and operational discipline at work sites. It is worth noting that the 2025 KUFPEC report confirmed that the company achieved a production surge in the Quebec-Doverney shale gas project in Canada, with daily output increasing by 27.2 percent to reach 25,310 barrels of oil equivalent in 2025, compared to 19,891 barrels in 2024. The company prepared 50 wells, 47 of which were drilled and connected to production facilities, raising the total number of producing wells since the project’s inception to 346.

By Najeh Bilal Al-Seyassah/Arab Times Staff