8,452 Active Recruiters     Over 2 Million Candidates Globally

Advanced
  1. Keep me logged in
  2. forgot password
cancel

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

OPEC Member Fans Out to Australia, Canada in Global Gas Push

Published in Oil Industry News on Thursday, 27 June 2019


Graphic for News Item: OPEC Member Fans Out to Australia, Canada in Global Gas Push

Kuwait plans to boost production from Canadian shale deposits by two thirds and increase output of natural gas in Australia as the OPEC member ramps up efforts to find and develop overseas deposits of the fuel.

The international upstream arm of state-owned Kuwait Petroleum Corp. sees output of almost 20,000 boed at its Canadian shale gas project by year-end, up from 12,000 currently, Sheikh Nawaf Saud Al-Sabah, acting chief executive officer, said in an interview in Kuwait City.

“It will rise to about 60,000 or so once we fully develop it, which will be in the mid-2020s,” he said. “We’re just beginning to understand its potential.”

In Australia, the company known as Kufpec won exploration rights to three new blocks in February and April. It’s producing almost 40,000 boed in that country and aims to raise output and produce more liquefied natural gas for export, Al-Sabah said, without specifying targets.

Hot Tip

Oil and Gas People gives recruiters a live snapshot of the current oil and gas workforce and its availability. Update your profile every 60 days to stay visible to recruiters as actively looking. Better for candidates.. Better for recruiters..

Kuwait has long planned to increase its global capacity to produce gas as well as oil. The Persian Gulf nation currently can pump as much as 3 MMbpd of crude from its wholly owned fields, and KPC targets a daily capacity of 4 million by next year. As a member of the Organization of Petroleum Exporting Countries, however, Kuwait has pledged to cap its oil output as the group seeks to balance the market and prop up crude.

Like many energy producers, Kuwait sees gas as crucial to future growth. Gas use is seen rising faster than demand for oil and coal as policies shift toward lower carbon emissions. The amount of new gas-production capacity investments this year could set a record, according to consultant Wood Mackenzie Ltd.

In Alberta, Canada, Kufpec plans with its joint-venture partner Chevron Corp. to start developing the Waskahigan and East Kaybob areas, drilling the first of more than 370 wells over 10 years. The areas are part of the Kaybob Duvernay project producing shale gas and natural gas liquids.

“We continue to look for gas prospects in Australia,” Al-Sabah said. Kufpec partnered with Woodside Petroleum Ltd. at one of its blocks there, and Al-Sabah’s company is exporting gas via Woodside’s Wheatstone LNG facility. Kufpec sells half its production from there under long-term agreements.

Buyers’ market

“The other half is sold with a break clause that allows us to take those molecules to Kuwait if and when we need it,” he said. “Right now the LNG market is essentially a buyers’ market, so it doesn’t make sense for us to break a long-term contract” just to sell to KPC when it can get competitive pricing elsewhere, he said.

LNG producers have feared that a massive build-out of new export projects, which began a decade ago, will outpace consumption growth and leave cargoes looking for homes. Spot prices have already tumbled since last fall and are at a steep discount to LNG sold on long-term, oil-linked contracts.

Kufpec, known formally as Kuwait Foreign Petroleum Exploration Co., may supply KPC when the global market tightens, possibly by the mid-2020s, Al-Sabah said.

More from the interview:

  • The company has total assets of 3.4 billion dinars ($11.2 billion) and is well-funded right now for its current plans
  • “We need one or two more strategic acquisitions over the next couple of years to close our strategic gap”
  • Kufpec currently pumps 120,000 boed and plans to reach 150,000 by 2020
  • It wants to help tap Kuwait’s “tremendous” shale gas reserves at some point

Source: www.worldoil.com

Please leave comments and feedback below





Tags

OpEC Oil and Gas, Iran Oil and Gas, OPEC Oil and Gas News, Oil and Gas News








Oil and Gas News Archive


Latest Oil & Gas News







Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com