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Kuwait KUFPEC plans to boost output, revisit Sudan

June 11, 2008 (KUWAIT) — Kuwait’s overseas oil production arm said on Wednesday it planned to boost output capacity to 200,000 barrels per day by 2020 as it is seeks acquisitions abroad.

State-owned Kuwait Foreign Petroleum and Exploration Co also plans to boost its reserves to 680 million barrels by 2020, managing director Fahed al-Ajmi told reporters.

Production in 2007 was about 60,000 bpd, while reserves stood at 222 million barrels.

KUFPEC said in May it planned to boost output to 114,000 bpd by 2014.

Ajmi also said KUFPEC, which belongs to state-owned Kuwait Petroleum Corp was optimistic it will resume with France’s Total an oil exploration project in southern Sudan which was halted due to the security situation.

"We’re seeing finally light at the end of the tunnel. We will be visiting Sudan next week with people from Total. We are very optimistic," he said when asked about the Sudan project. The firm is also eyeing acquistions and is looking at China, India and Vietnam this year, Ajmi said.

The firm operates in various countries including Egypt, Australia, Yemen and Indonesia.

(Reuterss)