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Kuwait Energy Q3 2011 results looking up

Industry

Kuwait Energy Company announced its Q3 2011 results with revenues of US$47.9mn, up 33.8 per cent from Q3 2010 and up three per cent from Q2 2011.

Sara Akbar, Chief Executive Officer of Kuwait Energy, said: "We've had new successes during the month of September 2011 with encouraging flow rates from our two Egyptian discoveries. We've also sustained production levels and completed our planned development and exploration activities for the quarter. As we move forward, we will continue to focus on growth in the MENA region and within our existing operations, specifically in Egypt, Iraq and Yemen."

Egypt discoveries

Two gas and condensate discoveries were made in the Kuwait Energy-operated GPZZ-4 and Al Ahmadi-1 wells in the Abu Sennan concession in Egyptian Western Desert which bring the total number of discoveries by Kuwait Energy in Egypt to 13.

Iraq exploration blocks

In Iraq, Kuwait Energy is currently evaluating the 12 exploration blocks that will be tendered in the upcoming petroleum licensing bid round, due to take place on March 7-8, 2012.

Major milestone

A major milestone has been achieved in the development of the Lower Bahariya reservoir in the Shahd-2ST well located in the East Ras Qattara concession in Egypt for which the current average gross production is 4,400 barrels of oil per day.

Divestment

Kuwait Energy completed the partial divestment of 15 per cent working interest in the Mesaha concession in Egypt to Beach Energy. The company retains a 15 per cent working interest in the concession.

Working interest production

Kuwait Energy also announced a daily average working interest production for Q3 2011 of 13,568 barrels of oil equivalent, a 5.2 per cent increase from the previous quarter and up 3 per cent from Q3 2010. This was primarily due to the return of production from the company's oil producing asset in Russia, after construction of a new bridge for transportation purposes was completed, as well as an added 4,400 barrels of oil per day (gross) of production from Shahd-2ST well in the East Ras Qattara field, Egypt as of early September 2011.

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