Kuwait Energy Co’s production surges 24%

Dubai: Independent oil and gas company Kuwait Energy Co. said on Wednesday its average daily working interest production surged 24.2 per cent to 21,568 barrels of oil a day in the first quarter of 2013 compared with a year earlier, mainly due to the acquisition of Jannah Hunt Oil Co. in Yemen.

First-quarter production also rose 7.5 per cent compared with the last quarter of 2012 “primarily due to the contribution from the company’s newly-acquired 15 per cent interest in Block 5, Yemen,” the company said in an emailed statement.

Block 5, located in the Marib-Shabwa basin, has a total production of 38,000 barrels of oil a day with Kuwait Energy’s working interest share contributing 5,700 barrels per day.

The privately-owned oil and gas explorer and producer also said its saw its first-quarter revenue rising 8.6 per centto $64.0 million versus the same period last year.

Last month, its Executive Chairman Manssour Aboukhamseen said the company is planning to drill 16 exploration wells and 56 development wells in 2013.