KUFPEC plans to ‘expand’ its operations in Southeast Asia – Kuwait participates in geo-petroleum confab in Malaysia

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KUALA LUMPUR, Oct 12, (KUNA): The Asian Conference-Exhibition for Geo-Petroleum Sciences 2015, hosted by the Malaysian oil company, Petronas, got underway here on Monday with participation of Kuwait Foreign Petroleum Exploration Company (KUFPEC).

Tuan Zaid, in charge of KUFPEC’s geological sciences department in Southeast Asia, said in a statement to Kuwait News Agency (KUNA) the Kuwaiti participation in the event, scheduled on Oct 12-13, was part of a plan to expand KUFPEC’s investments in Southeast Asia and promote the company at the regional level.

He disclosed that KUFPEC is seeking to buy assets in Malaysia, in partnership with Petronas, with aim of enhancing its status in regional countries, namely in Indonesia, Vietnam, Pakistan, Australia, China and the Philippines. Zaid indicated that now is a good time to buy such assets, considering global economic problems and declining oil prices. For his part, Efendi Shin Abdullah, the deputy manager of Upstream Petronas, said in a statement at the opening session that the conference aims at exchanging information and experience in geo-political sciences among the attending experts and scientists who represent regional states and oil companies.It is also an opportunity for them to deliberate plans for expanding oil explorations in the region, he said.

Abdullah called for slashing operational costs in the petroleum industry, but cautioned that such an approach should not be at expense of quality of products. He also called for innovative ideas to shore up the sector, in shadow of the global economic crises and the oil bearish prices. Up to 1,778 oil and geology experts from 22 states are taking part in the event, themed “Inspiring ideas for solutions in the geological sciences in the Asian continent.”

For his part, Khaled Al-Uthaina, geologist tasked with external petroleum explorations at KUFPEC, said the company has long-term plans for gas and oil exploration in Southeast Asia.

KUFPEC is seeking to contribute to revamping the Kuwaiti petroleum sector with higher financial proceeds from the operations abroad, he indicated, adding that the company’s branch in Malaysia would cooperate with the British company, Petrofac, in digging and exploring operations in the Southern China Sea and Malaysian territorial waters.

KUFPEC was founded in 1981 as one of the subsidiaries of Kuwait Petroleum Corporation (KPC), the main state petroleum company. KUFPEC was established for oil exploration outside Kuwait, It has branches in Pakistan, Indonesia, the Philippines, Vietnam, Australia and China.

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