Kuwait seeking overseas oil and gas acquisitions: report

Kuwait is planning to expand its oil and gas production, and reserves through acquisitions of assets overseas and increase its exploration efforts at home, Reuters reported on Monday, citing Kuwait Petroleum Corp chief executive officer Nizar Al Adsani.

While Asia would remain the focus for Kuwaiti oil exports, the state oil company is looking at opportunities in the African market for possible acquisitions.

“We have started working with financial institutions to achieve strategic partnerships to find the optimum solutions to finance our current and future projects,” Al Adsani added.

Meanwhile, Kuwait’s oil minister Bakhit al-Rashidi said market conditions would determine whether a pact between OPEC and non-member oil producers to trim output would be extended beyond the end of 2018.

The meeting of OPEC countries in June in Vienna will offer a chance to review the deal, he said.

OPEC, Russia, and other non-OPEC members began to trim production in January 2017 as part of efforts to shore up oil prices and tackle a supply glut in the crude market. The participating nations have extended the deal until the end of 2018.