Kuwait Energy reports 15 per cent increase in revenue

Oman-oil-fieldKuwait Energy has reported a 15 per cent increase in revenue. (Image source: goodbee_kk/Flickr)Kuwait Energy has reported a 15 per cent increase in revenue for Q2 2012 compared with the corresponding period last year

The company posted a revenue of US$53.5 million for the quarter and attributed the rise to a 31 per cent increase in daily average production compared to the Q2 2011, which it said was generated by exploration activities in Egypt last year and increased production from its operations in Egypt, Russia and Oman

The oil and gas firm's production rate for the quarter was placed at 16,906 boepd average working interest, with the production of the company's subsidiary in Egypt jumping by more than 50 per cent when compared to Q2 2011. 

The company's production for the first half on 2012 increased by 32.4 per cent to 17,138 boepd compared to 12,944 boepd in H1 2011, while revenues increased in H1 2012 by 35.7 per cent to US$119.3 million, compared with US$87.9 million in H1 2011.

Kuwait Energy's working interest proven and probable reserves at year end 2011 stood at 235.3 million boe with its current production level reaching approximately 17,500 boepd.

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