Kuwait Energy EBITDA jumps 91% to $36.4m

Kuwait Energy Company, an independent oil and gas exploration and production company, on Tuesday said its EBITDA rose 91 per cent to $36.4m in fourth quarter of 2010 compared to $19.1m for the same period last year.

Production increased 4.5 per cent to 13,372 boepd as against 12,798 for the corresponding period last year. The increase was primarily due to higher production in East Ras Qattara, Egypt and Ukraine.

Kuwait Energy was awarded by the Iraqi government last October 20-year contracts for the development of two gas fields, Siba and Mansuriya. The company had bid for the fields in a consortium comprising the Turkish Petroleum Corporation (TPAO), the national oil company of Turkey for both gas fields.

Kuwait Energy will be the operator of Siba, participating with a 60 per cent contractor share and TPAO participating with the remaining 40 per cent. TPAO will be the operator of Mansuriya, participating with a 50 per cent contractor share, while the remaining shares will be held by Kuwait Energy (30 per cent) and Korea Gas Corporation (20 per cent).

Kuwait Energy launched a comprehensive assessment of gas reserves and resources as well as the six-month study addressing the potential development of natural gas reserves in Yemen and the optimization of the country’s natural gas resources for the benefit of its people following Memorandum of Understanding (MoU) signed with the Yemen Ministry of Oil and Minerals on 6 October 2010.

A total of ten development wells were successfully drilled in the Karim Small Fields in Oman.

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