KUFPEC net profit to dip on oil prices, oversupply

The net profits of France’s TotalEnergies have also been reported to have declined during the same period. Sources indicated that Chevron recorded profits of $12.48 billion last year, compared to around $17.75 billion in 2024. The third factor behind the decline in KUFPEC’s profits relates to new acquisitions completed during the third and fourth quarters of last year, while the fourth factor is linked to maintenance activities undertaken by the company, including maintenance work on projects in Yemen, particularly in the ‘Jannah 5’ area of the Sab’atayn Basin (Block 18).

Sources attributed KUFPEC’s record net profit in 2022, which reached about KD308 million, to the sharp rise in global oil and gas prices following the post- COVID-19 economic recovery. Confirming what was reported by the newspaper on May 8, 2026 about the divestment of unprofitable assets and pursuit of value-enhancing acquisitions, the company stated in its 2026 annual report that it will continue implementing its portfolio rationalization strategy, while advancing divestment discussions and improving asset performance in line with its value creation objectives.

The report cited the divestment of Block 536 WA in Western Australia as an example of ongoing efforts to optimize the company’s portfolio and strengthen capital discipline. According to its forward-looking strategy, KUFPEC will continue focusing on strategic acquisitions, disciplined portfolio management, and strengthening partnerships aimed at enhancing resilience, competitiveness, and long-term growth.

The company revealed that it acquired a new exploration block offshore Suriname, on the northern coast of South America, in December 2025. This acquisition marks a significant milestone for KUFPEC, providing a strategic entry into a new market and expanding its international exploration footprint. In Egypt, following the signing of a new concession agreement for the Geisum and West Telem project in the Gulf of Suez, Kuwait Petroleum Corporation (KPC) played a major role in extending the field’s license for an additional 20 years. This extension ensures continuous production and adds new reserves, thereby increasing the field’s overall value and long-term development potential. KPC’s average production share was expected to reach 5,612 barrels of oil equivalent per day in 2025, compared with 4,011 barrels of oil equivalent per day in 2024.

Among KPC’s gas assets in Pakistan, the Kadanwari gas field in northeastern Sindh province recorded remarkable progress in its development drilling program (44-K). This includes maintenance of development facilities, linking well 44-K to the well intervention system without the use of drilling rigs, maintenance of surface facilities, roadworks, infrastructure upkeep, and other construction activities, all contributing to increased operational capacity. At the Zamzama onshore gas field in the Sindh region of Pakistan, the 2025 work program included perforation operations on wells Zam 2 and Zam 7, pressure adjustment activities at processing facilities, road rehabilitation, and maintenance of residential infrastructure.