KUFPEC Major Events and Achievements on 2010

الكاتب : المحرر النفطي | المشاهدات : 1,489 | الردود : 0 | ‏18 فبراير 2011
  1. المحرر النفطي

    المحرر النفطي فريق الإعلام

    KUFPEC Major Events and Achievements on 2010
    Disclaimer: Reported Financial data and production figures are based on best estimates, and subject to changes according to the operator update and year-end financial closing

    1. KPC approved the Upstream 2030 Strategic Plan on January (Approval of KPC-SPC is still pending)

    2. KUFPEC was certified for ISO 27001-2005 and certified for ISO 9001-2008 On 24th November 2010, and OHSAS 18001:2007 on 30th November

    3. KUFPEC will reach its 2030 strategic goals for production in December 2010 by achieving average production rate of 80,000 boepd with closing 2P reserves basis of 230 mmboe.

    4. KUFPEC after tax net profit will reach US$195 million by December 2010 exceeding the budget record of US$71MM by 2.7 times and 80% higher than 2009 net profit (US$108.3 million)

    5. KUFPEC drilled a total of 15 exploration wells resulted in 55% success ratio (4 discoveries in Australia-WA356P block and 1 in Indonesia-Seram block)

    6. KUFPEC successfully completed the drilling of 30 development wells.

    7. On 17th December 2010, KUFPEC acquired one company with 2 new producing fields and 1 exploration block. The deal allows the company to add around 16,000 boepd and 37 mmboe 2P reserves. The project details cannot be fully disclosed in the external media prior the government approval as part of the confidentiality agreement.

    8. In May 2010, KUFPEC acquired a new exploration project (ELKE) in UK North Sea with 30% working interest, the project contains un-development discovery of 4.477 mmboe heavy oil resources. The project will be a window for facilitating technology transfer to local upstream sector if required.

    9. Australia: Wheatstone LNG project: The development of Julimar discovery is undergoing through the Wheatstone LNG assessment with Chevron and Apache which is subject to Final Investment Decision by August 2011. A major milestone of the project progression has been achieved on 9th December 2010 by signing the side letter agreement between KUFPEC and Apache tabulating the favorable terms for the FID (Final investment decision)

    10. As part of Portfolio Management implementation, WA-192-P (Australia) was relinquished on January 2010 and Block-17 (Syria) on March 2010

    11. Pakistan: Qadirpur: The government of Pakistan (GoP) has approved 5 years extension of Qadirpur production and development lease up to 2017

    12. Yemen: East Shabwa-Block-10: The JVP’s approved the construction of Kharir Power Plant project after granting cost recovery acceleration from the Yemeni’s Government

    13. China: Yacheng: Complete development drilling campaign in Yacheng (China) for 4 wells and the contract for LPG plan was awarded

    14. Indonesia: Pangkah: BPMIGAS has agreed to support a higher gas price for Pangkah project (in Indonesia) of around $5.00/bbtu (presently $2.38/bbtu). The proposed price is currently under ongoing negotiations with the buyer

    15. Vietnam: Block-51: effective meetings between KPI and KUFPEC Senior MGMT had resulted on Vietnam-Block 51 exploration acquisition. The PSC signing ceremony was held on 12th May 2010, and the commitment seismic acquisition program was successfully completed ahead of the planned schedule.

    16. Malaysia: Cendor: The development plan (Phase II) for Cendor project in Malaysia is approved by the government (Petronas Management Unit) on 15th November 2010.

    17. Building on KUFPEC existing operations in Indonesia, KPI and KUFPEC had jointly approached PERTAMINA (Government of Indonesia) and succeeded on signing an MOU (memorandum of understanding) terms for future synergy between the three parties

    18. As part of the 2030 strategy implementation, the upstream governance entities efforts resulted on the following achievements:
    • Initiated the sector peer review concept among the upstream subsidiaries which has been set as a new process starting from May 2010
    • Capitalize on KOC technical service agreement for the benefit of KUFPEC growing business
    • Initiated sharing knowledge forums among the upstream subsidiaries
    • Implement best practice on IT\HR activities with the following achievements:
    - Join KOC in different IT functions: Help desk \ DMIS contract to reduce total overhead cost in the corporate level
    - On job training by seconding 2 technical employee to KGOC
    - Form a team within upstream to monitor career development plan for the UD\s

    19. KUFPEC hosted the Middle East Upstream Forum on 7th February 2010 with participation of upstream K-companies

    20. The implementation of “National Junior Program” was concluded on April 2010 by final project presentation demonstrating technical knowledge gain to a committee of KUFPEC Senior Management, Regional Managers and Schlumberger experts

    21. KUFPEC 2010 Town Hall session and Annual meeting was held on 20th of May 2010 for KUFPEC employee and area office participation

    22. Launch of new KUFPEC Web Site on 20th of May 2010.

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