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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 has announced the commencement of oil production from Faihaa-1 well in Block-9, Iraq in October.
Production has begun from the Faihaa-1 well with approximately 5,000 bopd on 32/64 inch choke, compensating
for the
production shut in Yemen.
In Yemen
, the Company continues to closely monitor the complex geopolitical situation in Yemen to determine the future of
the Block 5 asset and will resume production as soon as lifting constraints have been removed.
In Egypt
, the Company continues its focus on the drilling and development programs, conducting studies on drilling prospects
down to the Jurassic and commencing development plan on Shahad-4, Jurassic discovery in East Ras Qattara.
Oil Price
EIA forecasts that Brent crude oil prices will average US$ 54/bbl in 2015 and US$ 59/bbl in 2016. The current values of
futures and options contracts suggest the market expects daily price volatility.
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Sustainability
As part of HSSE, the Company 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 the Company staff
and relevant contractors.
O
UTLOOK
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Source: Eia.gov, 'Short-Term Energy Outlook', September 2015.