Kuwait Energy’s revenues grew 42.2 percent this year’s Q3 reaching USD 82.2 million, compared to USD 57.8 million in Q3 2012.
Oil and gas output grew 40.9 percent, also comparing the same periods, reaching 24,694 barrels from 17,520 barrels, the company said in a statement, released on Monday.
Proceeds rose 5.9 percent to USD 82.2 million in Q3 2013 from USD 77.6 million posted in this year’s Q2. Output volume increased 6.3 percent, in Q3 2003, reaching 24,694 barrels from 23,221 barrels in the year’s Q2.
Rise of the proceeds and the output volume was primarily due to hike of the production at “Shahed SI” field in eastern Ras Qattara in Egypt and the company projected output stake at “Al-Regaa-5” field in Yemen.
Sara Akbar, the company Chief Executive Officer, confirmed in a statement making “significant success,” regarding revenues and production, in third quarter of the current year, as compared to the same period of the past year. Production from “Al-Salmiya” oil well in Abu Senan, Egypt, was very “much encouraging,” she said.
Kuwait Energy is an independent oil and gas exploration and production company operating in the Middle East. It has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, the Ukraine, Latvia, Russia and Pakistan.
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