By John Lee.
Kuwait Energy has said that by focusing on its Iraqi operations, it is protected against oil price fluctuations, allowing it to sustain growth and a strong balance sheet even under volatile market conditions.
In its Financial Statement for 1st Half 2017, the company says:
"Our finances reflect the continued growth in the Company's operations, and although global oil prices fell by around 20% in the second quarter of the year we remained profitable, a testimony to our naturally hedged Iraqi production, which continues to increase, reflected in the 47% increase in revenues - in comparison to the same period last year - and a healthy cash balance in excess of US$67.0 million ...
"In Iraq, we are paid regularly in the form of assigned crude shipments. The increase in our Iraqi production is now enabling us to take larger crude liftings than before. With the additional wells coming on stream over the coming months, these shipments will be more frequent adding to our cashflow growth. We are currently loading our largest Iraqi crude shipment and expect to receive the payment before the end of October 2017."
(Source: Kuwait Energy)
(Picture: Sara Akbar, CEO, Kuwait Energy)