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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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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion
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Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's Liquidity Hits All-Time High of SAR2.825 Trillion

Saudi Arabia's liquidity levels continued to grow strongly, reaching SAR2,825,715 million at the end of May 2024, marking an annual growth of approximately 8.6%, reported the Saudi Press Agency on Sunday.

This represented an increase of more than SAR222,928 billion compared to the same period in 2023, which stood at SAR2,602,786 million. These levels reflect the broad money supply (M3) as reported in the Saudi Central Bank (SAMA)'s monthly statistical bulletin for May 2024.

Since the beginning of the year, liquidity has grown by 4%, representing an increase of more than SAR104,757 billion. At the end of January, it stood at SAR2,720,957 million.

Liquidity levels also achieved a monthly growth of approximately 1.2%, with an increase of about SAR32,402 billion compared to the end of April of the same year when it stood at SAR2,793,313 million.

These liquidity levels strongly support economic and commercial activity, contributing effectively to the economic development process and enabling the achievement of the goals of Saudi Vision 2030. This reflects the strength and solidity of the banking and financial sector.

A breakdown of the four components of the broad money supply (M3) is as follows: Demand deposits, the largest contributor to the total money supply (M3) at 49.2%, recorded a level of SAR1,390,893 million at the end of May 2024.

Time and savings deposits, the second-largest contributor to the total money supply (M3) at 31.5%, recorded a level of SAR889,558 million.

Other quasi-money deposits amounted to SAR314,807 million, representing a contribution of approximately 11.1% to the total money supply (M3), making it the third-largest contributor. Lastly, "currency in circulation outside banks" amounted to SAR230,456 million, contributing approximately 8.2% to the total money supply (M3).

Quasi-money deposits consist of residents' deposits in foreign currencies, deposits against letters of credit, outstanding transfers, and repurchase agreements (repos) conducted by banks with the private sector.

Domestic liquidity includes M1, which comprises currency in circulation outside banks in addition to demand deposits only, and M2, which includes M1 plus time and savings deposits. The broad definition, M3, includes M2 plus other quasi-money deposits.