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FINANCIAL NEWS
Kuwait Energy revenue increase by 51.8 percent
13 Aug 2013
(MENAFN) Kuwait Energy said that its revenue for the three months period ended June 30 surged by 51.8 percent compared to the same period last year, Saudi Gazette reported.
Revenue for the period hit USD77.6 million up from USD51.1 million in the second quarter of 2012. The oil and gas company’s revenue jumped 21.2 percent compared to the previous quarter up from USD64 million in the first three months of 2013. Sara Akbar, Chief Executive Officer of Kuwait Energy, 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.”
Production for the company also boosted with an increase of 37.3 percent up from 16,906 barrels of oil equivalent per day (boepd) to 23,221 boepd. Quarter-on-quarter, production went up by 7.6 percent from 21,568 boepd.
This impressive surge in production is cited to the company’s Shahad SE field in Egypt and the 15 percent stake it has in Yemen’s Block 5. “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,” Akbar said.
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