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Key Highlights
Three recordable incidents took place in Q2 2015
in Kuwait Energy’s operated and non-operated
areas.
Average
daily
Working
Interest
(“WI”)
production for Q2 2015 is 24,223 boepd. This
represents an increase of 2.12%, as compared to
Q2 2014 (23,720 boepd) and a decrease of
10.61%, as compared to Q1 2015 (27,099
boepd), due to the shutting down of activities in
Yemen.
Revenue for Q2 2015 is $46.7 million. This
represents a decrease of 26.69%, as compared
to Q2 2014 ($63.7 million), mainly due to the
decline in oil prices and an increase of 4.01%, as
compared to Q1 2015 ($44.9 million) due to an
improvement in oil prices.
Total Assets for Q2 2015 is $934.8 million, which
represents an increase of 6.76%, as compared to
Q1 2015 ($876 million) and an increase of 6.61%,
as compared to Q2 2014 ($876.8 million).
Kuwait Energy and Egyptian General Petroleum
Corporation
(“EGPC”),
announced
the
commissioning of the Gas Plant at the Abu
Sennan concession, located in the Western
Desert onshore Egypt. The associated gas is
captured and processed for domestic utilization,
while simultaneously removing a bottleneck in
oil production resulting in an increase in total
field throughput.
Who We Are
Kuwait Energy is an independent, MENA focused oil and
gas exploration and production Company established in
2005, with its principal regional office in Kuwait and
incorporated in Jersey. Operations increasingly focused on
Egypt, Iraq, Yemen, and Oman.
Oil Prices Movement during Q2
2015
Brent oil prices in the Second Quarter of 2015 started at a
low price of 55.73 USD/bbl, however prices took a turn
towards the end of the first week of April and continued to
increase throughout April 2015 and May 2015, pushing the
average monthly 2015 oil prices for May to 64.10 USD/bbl,
the highest monthly average in the quarter. After the
highest price in mid-May of 66.33 USD/bbl, prices
continued to fall throughout June 2015, with the exception
of a few peaks, as US oil production levels failed to come
down, closing the quarter with the price of 60.31
USD/bbl.
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Eia.gov