Kuwait Energy, one of the Middle East’s leading and fastest
growing independent oil and gas Production Company announced its revenue for
the second quarter of 2013 on Tuesday. Kuwait Energy revenue for the second
quarter advanced by 51.8% on an annual basis to $77.6 million compared to
previous last year’s record of $51.1 million.
The oil and gas production company rose 37.3% year-on-year
to 23,221 boepd from 16,906 boepd last year. The second quarter revenue went up
by 21.2%, to $77.6 million, compared to the first quarter revenue of $64.0 million. While the second quarter production, went up
by 7.6% quarter-on-quarter, to 23,221 boepd.
The rise in Kuwait Energy’s revenue and production were
boosted because of the recent contributions from the Shahad SE field in
ERQ.
In a statement released by Kuwait Energy, $25 million from a
short-term debt facility with Kuwait International Bank was repaid during the
quarter, while a new short-term facility of $15 million with Qatar Bank was
established.
The Chief Executive of Kuwait Energy Sara Akbar said “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. 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."
