KUWAIT, 23 March 2006 — Kuwait Foreign Petroleum Exploration Company (KUFPEC) said yesterday its 2005 net profit surged 136 percent to a record $241.5 million, thanks to bigger oil and gas production and higher prices. “This is a record for KUFPEC,” Chairman and Managing Director Bader Al-Khashti told a news conference, adding that it beat estimates of $197.3 million by a wide margin. The local currency equivalent for 2005 net stood at 70.9 million dinars, beating estimates of 57.6 million dinars.
However, Khashti said he expected net profit in 2006 to fall to $200 million as oil prices are expected to ease from highs. KUFPEC’s portfolio last year was 55 percent gas and 45 percent oil, Khashti noted. “We expect oil prices to fall a little bit, we don’t expect them to continue at current levels,” he said.