With Kufpec’s $900mn Bongkot purchase aborted, 2020 output targets are further away than ever. Can the start-up of Australia’s Wheatstone LNG pare the losses?

Kufpec, the overseas upstream arm of Kuwait’s state oil firm KPC, plans to buy its way towards its 2020 production target. But this has taken a major hit with the collapse of the planned $900mn acquisition of Shell’s 22.2% stake in Thailand’s 1bn cfd Bongkot gas field.

Kufpec had appeared to think the...