Kuwait Energy profits hit new high

Kuwait_Energy_comKuwait Energy's 2011 profit surged by 58.9 per cent on 2010 figures as the firm posted a record net profit of US$34.8 million for 2011

The independent oil and gas company's sales revenue touched $178.9 million in 2011, representing a rise of 26.2 per cent year-on-year, according to figures released earlier this week. 

Kuwait Energy chairman Dr Manssour Aboukhamseen said, "I am delighted to report 2011 was another year of significant progress for Kuwait Energy with record profits, reserves, cash flow and production."

The firm's average daily working interest production increased over the year by 2.8 per cent to 13,624 boepd. The company achieved a 2011 exit production volume of over 17,700 boepd by year-end, which was 23 per cent higher than 2010.

Kuwait Energy's operating cash flow was $111.9 million, climbing 30.7 per cent from 2010.

In terms of reserves and production, the company reported year-end proven and probable working interest reserves of 235.3 mmboe, a record surge of 382.5 per cent from 48.8 mmboe in 2010.

Kuwait Energy has said it has been looking forward to continuing its progress through 2012 in the Middle East, especially in Egypt and Iraq.

In Egypt, the company has planned to drill seven exploration wells and 12 development wells, while in Iraq 2012 will prove to be a critical year for Kuwait Energy as it looks to develop the Siba gas field and will participate in the country's fourth bidding round.

Kuwait Energy chief executive officer Sara Akbar said, "We remain committed to our business plans.

"This will be achieved by a mix of both organic and acquisition growth, by fulfilling the potential of existing exploration and production assets and complementing this with selective, attractive M&A opportunities, which could involve further geographical diversity within the Middle East and North Africa region."

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