(MENAFN- Kuwait News Agency (KUNA)) By Osama Jalal
KUWAIT, Oct 9 (KUNA) -- Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced Monday the launch of production in its first international investment in liquefied natural gas "Wheatstone LNG Project" in Australia.
KUFPEC, a subsidiary of Kuwait Petroleum Corporation (KPC) is working on expanding its international presence to provide a variety of income sources for Kuwait, Minister of Oil, Minister of Electricity and Water and KPC's Board Chairman Essam Al-Marzouq told KUNA.
On his part, KUFPEC's CEO Sheikh Nawaf Saud Al-Sabah noted that the Wheatstone project will provide a steady and high production rate for the company in the coming two decades.
KUFPEC is one of the project's founder-companies and the second biggest share owner with 13.4 percent, while the top owner is Australia's Chevron company which is runnig the project.
The production capacity of the project is up to 8.9 million metric ton per year.
KUFPEC's share of production is expected to reach 40,000 barrel per day next year.
KUFPEC, established in 1981, is currently running 54 oil exploration and production projects in 14 countries. (end) osj.ag
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