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Private sector firm Kuwait Energy (KEC) is planning to fast-track the development of Block 9 in southern Iraq. Two discoveries there last year were the firm’s largest to date and helped treble KEC’s P2 reserves to 671mn barrels of oil equivalent (boe) at end-2014. Block 9 alone accounts for 507.5mn boe. KEC posted record annual working interest production of 25,252 b/d for 2014, up 8% on 2013. Output rose further to 26,820 b/d in Q1 this year (see table) but likely dipped in Q2 with production at the firm’s Block 5 license in Yemen falling to zero.
Three-quarters of current KEC output comes from its four Egyptian concessions. The largest producer, and the only one not operated by KEC, is East Ras Qattara. Here gross output hit a record 25,800 b/d in Q1 up from 22,200 b/d for 2014. Chilean state ENAP operates the field with 50.5%; KEC has 49.5%. KEC posted net profits of $42.7mn for 2014. Despite rising output it will struggle to repeat this for 2015 given the collapse in oil prices late last year and the impairment of Block 5 in Yemen.
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