Kuwait Energy, an independent exploration firm, has confirmed that it is appraising the twelve exploration blocks on offer from Iraq’s licensing directorate under the fourth round of field auctions.
The firm, which produces oil and gas in Egypt, Oman, Yemen, Ukraine and Russia, made the disclosure in its third-quarter financial statement, in which it reported unaudited revenues for the July to September period of $47.9 million, up 33.8% from $35.8 million in Q3 2010. Revenue is up 3% on the second quarter this year.
Kuwait is already developing fields in Iraq as part of two consortia that were awarded technical services contracts in the third round.
The company had proven and probable reserves of 48.8 million barrels of oil equivalent (boe) at the end of last year.
Production stands at 13,568 boe per day, up 5.2% from Q2 and 3% year on year.
Kuwait Energy’s CEO Sara Akbar aid the company is continuing to “focus on the MENA region and within our existing operations” in a company statement released yesterday.
