Independent MENA-focused upstream firm Kuwait Energy (KEC) is set to expand its asset base in 2013 as it continues to assess the possibility of an initial public offering on the London Stock Exchange.
KEC profits rose by 29% to $45mn for 2012, whilst sales rose 26% to $225mn. The company’s total working interest production hit almost 18,000 barrels of oil equivalent per day (boe/d), up 32% from 2011, and has risen further to almost 21,600 boe/d for the first quarter 2013 (see table). Of this 93% is in the MENA region, a share which rose from 88% for 2011 with a major production boost in its Egyptian production heartland together with a key acquisition in Yemen. (CONTINUED - 805 WORDS)