Kuwait Foreign Petroleum Exploration Company (Kufpec) is seeking a five-year loan of more than $1bn, according to a Reuters report.

The report says that the subsidiary of Kuwait Petroleum Corporation has sent a request for proposals to banks for a facility offering an interest margin of less than 100 basis points over the London Interbank Offered Rate (Libor).

Kufpec was established in 1981 and undertakes hydrocarbon exploration, development, and production operations outside Kuwait.

It runs 54 oil exploration and production projects in 14 countries and in October last year it started production from Wheatstone LNG in Australia, its first overseas liquefied natural gas (LNG) project.