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The Company continues the focus on the MENA region
with its presence Iraq, Egypt, Yemen and Oman.
In Iraq
, the Company is pursuing fast tracking the
development plans of the well through a Block 9 Fast Track
Production commercial production agreement.
As for Siba, the Company will pursue its development with
the gas plant construction and startups.
In Yemen
, the Company continues to closely monitor the
geopolitical situation in Yemen and will resume production
in Block 5 as soon as lifting constraints have been lifted.
The Company has legally exited from Block 43 and settled
all financial liabilities the Operator.
In Egypt
, the Company continues its focus on the drilling
and development programs through conducting studies on
drilling prospects and water flooding stations to the
Jurassic in Shahad-4.
Oil Price
EIA forecasts that Brent crude oil prices will
average 60 USD/bbl in 2015 and 67 USD/bbl in 2016. The
current values of futures and options contracts suggest the
market expects daily price volatility.
7
Sustainability
As part of HSSE, Kuwait Energy plans to
continue working on upgrading protection systems in all
Kuwait Energy’s operational facilities and living quarters,
and increase awareness of positive health and safety
culture among Kuwait Energy staff and relevant
contractors.
Despite shutting down activities in Yemen, the Company
still remains committed to the community, as we donated
to relieve the lives of children and families in desperate
need of aid in Sanaa and Aden, Yemen.
O
UTLOOK
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Source: Eia.gov, 'Short-Term Energy Outlook', July 2015.