Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, issued its quarterly report for Q1 2012, reporting unaudited record revenues of US$65.8 million, up 58.9% from Q1 2011 and 44.3% from Q4 2011.
Kuwait Energy also achieved a new record quarterly production rate of 17,370 barrels of oil equivalent per day (boepd) at the end of Q1 2012, up 33.8% from Q1 2011 and 15.7% from Q4 2011.
Financial and production highlights
Kuwait Energy Chief Executive Officer, Sara Akbar, said: “We’ve closed yet another record quarter, mainly thanks to our recent discoveries in Egypt and an increase in production from Oman and Russia. The first quarter was also a milestone operationally with the launch of the first phase of operations in the Siba gas field in Iraq. We look forward to continued operational successes in the countries we operate in the Middle East.”
In Oman, six wells were drilled in the Karim Small Fields. Four of these wells were completed and started producing at the end of the quarter with an initial production rate ranging between 100 and 250 boepd. The two other wells were still drilling at the end of the quarter.