Kuwait Energy Records 35% Increase in 1H12 Revenues

Kuwait Energy Records 35% Increase in 1H12 Revenues

Oil and gas independent Kuwait Energy Company (KEC) has posted a strong set of figures for 2Q12, on the back of a 31% increase in daily average production relative to 2Q11, and recent exploration successes in Egypt, the company announced on 1 August. This falls in line with the companyï¿½s growth strategy within its ï¿½existing operations and [operations] in the MENA region.ï¿½

KEC announced revenues of $119.3mn for 1H12, representing a 35.7% increase from the $87.9mn recorded for 1H11. This, the company explained, was largely down to a ramping up of its average oil and gas production by 32.4% to 17,138 b/d of oil equivalent (boe/d) for the first half of the year following exploration successes in Egypt and increased production from its development activities in Russia, Oman and Egypt. ï¿½We continue to see the fruits of the exploration and development successes weï¿½ve made over the last year, especially in Egypt and Russia,ï¿½ KEC CEO Sara Akbar said of the results. Production for 2Q12 was 16,906 b/d, up 31% from 12,902 b/d for the corresponding quarter last year.

ï¿½We are also very proud of our most recent license award in Iraq, [which we consider] another milestone for the company,ï¿½ Ms Akbar said of the block the company won in Iraqï¿½s fourth petroleum licensing round (MEES , 4 June). In May, KEC and its partners ï¿½ Dragon Oil of Dubai and Turkeyï¿½s TPAO ï¿½ were awarded an exploration, development and production service contract for the highly prospective Block 9 in Iraqï¿½s Basra province, on the border with Iran, with a bid of $6.24/boe. It now holds operatorship of the 900 sq km block, as well as a 40% stake.

KEC 2Q11 And 2Q12 Production

Country of Operations	Daily Average Production (boe/d)
Country of Operations	2Q12	2Q11	% Change
Egypt	12,027	7,996	+50.4
Oman	3,205	2,723	+17.7
Yemen	518	672	-22.9
Ukraine	260	1,174	-77.8
Russia	896	338	+165.1
Total	16,906	12,902	+31

Source : Kuwait Energy Company.

In Egypt meanwhile, development activity continued, with the company receiving approval to drill the ASA1-X well in its Abu Sennan block in the Western Desert, and the Mesaha1-X well in Block 6. The Abu Sennan block is expected to produce up to 10,000 b/d beginning later this year (MEES , 12 March). In Oman, 13 new development wells were drilled in the Karim Small Fields in the south. Eleven were completed and have started producing, while two are still being drilled. By end-2011, KECï¿½s working interest proven and probable reserves were 235.3mn boe.

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