Kuwait Energy oil production surges in Q1 2013

barrels-A is for Angie flickrKuwait Energy’s Q1 production rose 7.5 per cent compared to Q4 of 2012. (Image source: A is for Angie/Flickr)Kuwait Energy has announced that its average total daily working interest production surged 24.2 per cent to 21,568 bpd in Q1 2013, compared with the corresponding period a year earlier, due primarily to the acquisition of Jannah Hunt Oil Company in Yemen

Kuwait Energy’s Q1 2013 oil production also rose 7.5 per cent compared to Q4 of 2012 due to the contribution from the company’s newly-acquired 15 per cent interest in Yemen’s Block 5, earlier held by Jannah Hunt Oil Company.

Block 5, located in the Marib-Shabwa Basin, has a total production of 38,000 bpd with Kuwait Energy’s working interest share amounting to 5,700 bpd, the company said in a statement.

The oil and gas explorer and producer added that its Q1 revenue rose 8.6 per cent to US$64mn as compared to the same period last year.

Earlier, Manssour Aboukhamseen, Kuwait Energy’s executive chairman, had said the company is planning to drill 16 exploration wells and 56 development wells in 2013 in various regions.

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