Kuwait Energy posts USD 53.5 million in revenues for Q2 of 2012 

(MENAFN - Kuwait News Agency (KUNA)) Kuwait Energy posted USD 53.5 in revenues for the second quarter of 2012, up 15 percent compared with the corresponding period last year.

In a press release, the company attributed the revenues rise to a 31 percent increase in daily average production compared to the second quarter of 2011, generated by last year's significant exploration successes in Egypt and increased production from development activities in Egypt, Russia and Oman.

The Company's production rate for the quarter was 16,906 barrels of oil equivalent per day (boepd) average working interest.

The production of the Company's subsidiary in Egypt has jumped up by over 50 percent compared to Q2 2011.

With regard to the Company's performance and revenues in the first half of 2012, the statement revealed that the revenues have swelled in the first half by 35.7 percent to USD119.3 million compared with USD 87.9 million in H1 2011.

The Company's production for the first half on 2012 increase by 32.4 percent to 17,138 boepd vis-@-vis 12,944 boepd in H1 2011.

Kuwait Energy is one of the few independent oil and gas exploration and production companies operating in the Middle East. It has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.

Kuwait Energy's working interest proven and probable reserves at year end 2011 were 235.3 million barrels of oil equivalent and its current production has reached approximately 17,500 barrels of oil equivalent per day.