Kuwaiti state Kufpec has been splashing out again on overseas acquisitions. An overarching strategy, other than ‘add barrels, any barrels’ remains hard to discern.

The Kufpec overseas upstream unit of Kuwait’s state petroleum firm KPC has bought assets from Anglo-Dutch major Shell and France’s Total that it says take its total equity oil and gas production to more than 100,000 barrels of oil equivalent per day (boe/d) for the first time.

While the acquisitions...