Kuwait Energy, an independent oil and gas company with assets across the Mena region, said its revenue for the second quarter rose to $72.3 million, up 12.6 per cent over the same period last year.

Announcing an update on its second quarter activities, Kuwait Energy said it had also achieved an average daily working interest production of 23,720 barrels of oil equivalent per day (boepd) for the second quarter.

The company said its average daily working interest production was 5.6 per cent higher, while its revenue was 7.4 per cent higher than the previous quarter.

At the end of the second quarter, Kuwait Energy’s outstanding receivables from the Egyptian General Petroleum Corporation (EGPC) were $124 million as a result of collecting $70 million in cash during the second quarter. On July 9, a $26 million oil cargo was received, it added.

CEO Sara Akbar said: “We are delighted to generate continued value for shareholders via increases in production, revenue and profit, not just over the last quarter but year-on-year also. In line with the company’s strategy to consolidate its asset portfolio to focus on the Mena region, we have also disposed of our Ukrainian assets.”

Kuwait Energy, she stated, continues to pursue its strategy of focusing on the region, where it has established a strong presence and an exceptional operational track record.

To this effect, the company is undergoing a rigorous process of rationalizing its portfolio in Eurasia and Pakistan with the intention to exit these geographies, she added.

In April, Kuwait Energy finalised the sale of its Ukraine assets with net proceeds of $5 million. The company is currently in active negotiations regarding the sale of its Russian assets and expects to complete the sale in the third quarter, stated Akbar.

The company’s main development activities during the second quarter included the drilling of 11 development wells (8 in Oman, 2 in Egypt and 1 in Iraq).

It spent $53.5 million in development expenditure mainly on drilling, gas plant facilities and pipelines in Siba, Iraq, she noted.

The exploration expenditure during the second quarter stood at $23 million, which was primarily spent on exploration drilling in Egypt and Iraq Block 9, she added.-TradeArabia News Service