Kuwait Energy reports 52 per cent rise in Q2 2013 revenue

barrel-ben alexander flickr optThe company’s development and exploration expenditure during the quarter totalled US$51.9mn. (Image source: Ben Alexander/Flickr)Oil and gas explorer Kuwait Energy has reported a revenue of US$77.6mn for Q2 2013, up 52 per cent on the same period last year

The company, which has operations in Egypt, Oman, Yemen, Russia and Ukraine, saw production average daily production increase 37.7 per cent, from 16,906 boepd to 23,221 boepd.

Increases in revenue and production were primarily due to the new contributions from the Shahad SE field in East Ras Qattara (ERQ), Egypt, and the company’s 15 per cent interest in Yemen’s Block 5, the company said.

More production was also recorded at the company’s wells Yusr-38 ST and Yusr-60 in Area A, Egypt.

Sara Akbar, chief executive officer of Kuwait Energy, said, “The Q2 2013 has been a phenomenal success from a revenue perspective as we recorded outstanding year-on-year and quarter-on-quarter increases.

“Our recent acquisition in Yemen continues to contribute material levels of production whilst new production coming in on stream in Egypt also has provided welcome momentum. This operational and financial success in the first half of the year gives me great confidence in Kuwait Energy’s full year performance.”

The company’s development and exploration expenditure during the quarter totalled US$51.9mn and focused on the drilling of 15 development wells in Egypt, Yemen and Oman.

In Egypt, wells Shahd-3 and Shahd-SE6, located in ERQ, were also put on production at initial gross rates of 4,300 bopd and 4,800 bopd respectively. Three exploration wells have also been drilled, two of which are in Egypt and one in Latvia, Kuwait Energy added.

 

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