Kuwait Energy plans to step up its drilling operations in Iraq, according to a media report

“Our finances reflect the continued growth in the company’s operations, and although global oil prices fell by around 20 per cent in the second quarter of the year we remained profitable, a testimony to our naturally hedged Iraqi production, which continues to increase, reflected in the 47 per cent increase in revenues – in comparison to the same period last year – and a healthy cash balance in excess of $67 million,” Iraq Business News reported, citing a company statement.

“In Iraq, we are paid regularly in the form of assigned crude shipments. The increase in our Iraqi production is now enabling us to take larger crude liftings than before. With the additional wells coming on stream over the coming months, these shipments will be more frequent adding to our cashflow growth. We are currently loading our largest Iraqi crude shipment and expect to receive the payment before the end of October 2017,” the report said.