Chief Executive Officer of Kuwait Energy Sara Akbar
In a press release issued Sunday, the company stated that its revenues have climbed by 17.4 percent in Q 1, 2014 compared with the corresponding period of 2013.
"We are pleased with ending the first quarter of the year with good performances," commented Chief Executive Officer of Kuwait Energy Sara Akbar.
"This only makes us look forward to increased operational success in 2014 as we move forward with our strategy, which is to focus on our core operations in the MENA region." The company also unveiled that the average daily working interest production increased 10.6 percent to 23,759 barrels of oil equivalent per day (boepd) compared to the corresponding period of last year.
As to comparisons to the previous quarter, revenue and production are lower by 7.6 percent and 1.0 percent respectively, it added.
By the end of Q1 2014, the outstanding receivables were
The statement noted that the main development activities during Q1 2014 included the drilling of 17 development wells (10 in
On the strategic front, Kuwait Energy continues with its strategy of focusing on the MENA region, where it has established strong presence and operational track record.
To this effect, the Company said that it is undergoing a rigorous process of rationalizing its portfolio in
All KUNA right are reserved
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