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Who We Are
Kuwait Energy (the Company) 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 are focused on Egypt, Iraq, Yemen, and
Oman.
Key Highlights
No recordable incidents took place in Q3 2015 in Kuwait Energy’s operated and non-operated areas.
Average daily Working Interest (“WI”) production for Q3 2015 is 23,522 boepd. This represents a decrease of 5.6%, as
compared to Q3 2014 (24,921 boepd) and a decrease of 2.9%, as compared to Q2 2015 (24,223 boepd), due to the
shutting down of activities in Yemen.
Revenue decreased by 18.3% as compared to Q2 2015 (from US$ 44.2 million to US$ 36.1 million in Q3 2015), mainly
due to the decline in oil prices.
Completed the farm out of a 10.0% WI in Block 9, Iraq to Egyptian General Petroleum Corporation.
Signed an amendment to the Exploration, Development and Production Service Contract for Block 9, Iraq to enable
early production.
Awarded Engineering, Procurement and Construction (EPC) contract for Siba gas field, Iraq.
Oil Prices Movement during Q3 2015
Brent oil prices started the quarter at a price of US$ 57/bbl and decreased to US$ 48/bbl by early August. Oil price increased to
US$ 52/bbl by end of August and in September, the oil price fell again below US$ 50/bbl. The increase in global supply of oil
exerted downward pressure on the prices. The decrease in expected oil demand from emerging markets paired with the
forecast additional supply from Iran are likely to have contributed to the oil price decrease.
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Eia.gov