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KUFPEC Announces First Operated Offshore Exploration Discovery in Indonesia

An aerial view shows Kuwait City and the National Assembly Building (Kuwait Parliament), after the country entered virtual lockdown, as a preventive measure against coronavirus disease (COVID-19) in Kuwait City, Kuwait, March 20, 2020. (Reuters)
An aerial view shows Kuwait City and the National Assembly Building (Kuwait Parliament), after the country entered virtual lockdown, as a preventive measure against coronavirus disease (COVID-19) in Kuwait City, Kuwait, March 20, 2020. (Reuters)
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KUFPEC Announces First Operated Offshore Exploration Discovery in Indonesia

An aerial view shows Kuwait City and the National Assembly Building (Kuwait Parliament), after the country entered virtual lockdown, as a preventive measure against coronavirus disease (COVID-19) in Kuwait City, Kuwait, March 20, 2020. (Reuters)
An aerial view shows Kuwait City and the National Assembly Building (Kuwait Parliament), after the country entered virtual lockdown, as a preventive measure against coronavirus disease (COVID-19) in Kuwait City, Kuwait, March 20, 2020. (Reuters)

Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Sunday that its wholly-owned subsidiary KUFPEC Indonesia (Anambas) has successfully made a commercial discovery of gas and condensate in the Anambas Block, offshore Indonesia.

KUFPEC Indonesia made the discovery through the successful drilling of the Anambas-2X well, it said in a statement.

“This exciting discovery marks the first operated offshore exploration discovery for KUFPEC and indicates KUFPEC’s growth and potential as an operator of offshore oil and gas projects, in line with the KUFPEC 2040 Strategy.”

“The well was drilled in 288 feet (88 meters) of water, using a jack-up rig to reach a total depth of 10,509 feet,” the statement read.

The company said Anambas Block was awarded to KUFPEC Indonesia through a competitive bidding process in 2019.

KUFPEC Indonesia’s production sharing contract has a license term of 30 years, including a six-year exploration period, it added, noting that it intends to conduct more tests on other formations within the same well.

KUFPEC Acting CEO Shaikh Nawaf Saud al-Sabah said this successful discovery “reflects KUFPEC’s capabilities as a prudent operator in an offshore exploration drilling environment.”

KUFPEC is an international oil company engaged in exploration, development and production of crude oil and natural gas active in Africa, Middle East, Asia and Australia.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.