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Operations
2014’s record production for the MENA region was at an average of 24,500 boepd. The total average
production was 25,252 boepd compared to 23,360 boepd for 2013.
This increase is primarily the result of our assets in Egypt, mainly the East Ras Qattara and Abu Sennan
concessions.
In Iraq, we continue to work towards the development of Siba field. The recent discovery in Block 9 added
substantial reserves and resources potential to the Group.
Our certified proven and probable working interest reserves at year-end 2014 was 671 mmboe, which is
a substantial increase on last year’s year-end reserves that stood at 213 mmboe representing an increase
of 215% and considered to be the largest certified proven and probable working interest reserves in the
Company’s history, mainly from Block 9, Iraq.
Governance and Sustainability
We continuously review our policies to ensure our business remains compliant with the highest standards
of corporate governance to which the Board is committed. We therefore continue to work towards full
compliance with the principles and provisions of the UK Corporate Governance Code, as well as follow best
practice in health and safety.
In 2014, we updated and improved our emergency procedures for all operational areas in Egypt, Yemen and
Iraq. In Iraq’s Siba and Block 9 fields, we completed environmental impact studies, allowing us to develop
projects that are socially and environmentally sustainable.
At Kuwait Energy, we believe strongly that we have a duty to enrich lives in the diverse areas where we
operate – beyond employment and other commercial opportunities we create. From support for youth
development projects and micro-finance programmes in Egypt, to helping displaced families in Iraq and
deprived families in Yemen, we strived to make a true difference in 2014.
Outlook
We continue focusing our efforts on large projects in Iraq, eyeing the completion of the Siba gas project and
fast tracking the development of Block 9 since the major discovery made there.
In addition, we continue our operations in Egypt and Yemen while carefully monitoring oil price movements
and adjusting our work plans and capital expenditure accordingly to invest strategically across our assets. In
addition, we continue monitoring the security and political situation in Yemen.
We also continue our efforts to create liquidity events for our shareholders by exploring various options.
I would like to thank everyone at Kuwait Energy for their continued dedication and support which remains
key to achieving our vision ‘to become the pre-eminent Middle East-based oil and gas company’.
Board Of Directors
Dr Manssour Aboukhamseen
is the Executive Chairman of the
Board, and is also a member of the Nomination Committee.
Dr Aboukhamseen is a successful business entrepreneur, leader and
founder of several successful business enterprises in Kuwait. He has
over 25 years of experience in the oil and gas industry in Kuwait Oil
Company (KOC), Zahra Group Holding and Kuwait Energy.
He has a Ph.D. in Modern History from the University of California at
Berkeley.
Sara Akbar
is the Chief Executive Officer and a member of the Board.
She is a renowned professional and personality in the oil and gas
industry, both in Kuwait and internationally. She has over 30 years’
experience in the oil and gas industry, having worked in several
challenging positions in Kuwait Oil Company (KOC) and Kuwait Foreign
Petroleum Exploration Company (KUFPEC).
Sara Akbar has a B.Sc. in Chemical Engineering from Kuwait University.
Dr Manssour Aboukhamseen
Executive Chairman
Roger Phillips
is the Chief Financial Officer and a member of the
Board.
Mr Phillips has over 30 years’ experience in the oil and gas industry
primarily in international, upstream finance roles.
He joined Price Waterhouse and qualified as a Chartered Accountant
before pursuing oil industry finance roles with companies such as
ExxonMobil and Amerada Hess.
Mr Phillips was with Amerada Hess for nearly twenty years where
he served as Vice President and Director in London and New York.
Before joining Kuwait Energy, Mr Phillips was Finance Director at Regal
Petroleum plc between 2004 and 2007.
Roger Phillips is a Chartered Accountant.