Kuwait Energy has reported a revenue of $77.6 million for the second quarter of 2013, up 51.8% from 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%, 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 ERQ, Egypt and the Company’s 15% interest in Block 5, Yemen.
“The second quarter of 2013 has been a phenomenal success from a revenue perspective as we recorded outstanding year-on-year and quarter-on-quarter increases,” said Sara Akbar, CEO of Kuwait Energy.
“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,” she added.
Development and Exploration expenditure during the quarter totalled US$51.9 million. Development activity focused on the drilling of 15 development wells in Egypt, Yemen and Oman. Wells Shahd-3 and Shahd-SE6 in ERQ, Egypt were successfully completed and put on production at initial gross rates of 4,300 bopd and 4,800 bopd, respectively. Three exploration wells were drilled, two of which are in Egypt and one in Latvia.
