KUWAIT CITY, 31 March 2005 — Kuwait Foreign Petroleum Exploration Company (Kufpec) announced yesterday an 18.2-percent increase in 2004 net profits to $103.8 million as a result of high oil prices and a rise in production.
The company, which operates in 11 foreign countries, had reported a 94.2-percent rise in its net income in 2003 due to a sharp increase in production.
Kufpec boasted record profits of $106 million in 2000.
Chairman Bader Al-Khashti also told a news conference that the company invested some $214 million in 2004, up from 165 million the previous year, and is projecting to invest 300 million dollars in the current year.
The state-owned company responsible for producing oil abroad posted record revenues of $359.5 million last year, up from $312.6 million in 2003. The company owns reserves of about 250 million barrels, 76 percent of it natural gas.
Daily production at the end of last year stood at 44,500 barrels, slightly over its production in 2003 of 42,000 barrels of oil or equivalent.