Kuwait Energy has announced the commencement of production from Faihaa-2 well in the Block 9 concession situated in the Basra Governorate, in Southern Iraq.
The Faihaa 2 well was spud on 3 January 2016, with production testing commencing on 23 September 2016 at 52/64 inch choke size at an initial rate of 9,583 barrels of oil per day (bopd) from the Yamama-A formation. On 1 October 2016, the well started commercial production at 36/64 inch choke size and has stabilized at rate at of 5,600 bopd.
Sara Akbar, CEO of Kuwait Energy, said: “We are proud to announce we have begun production from the Faihaa-2 well in Block 9, Iraq. This accomplishment demonstrates Kuwait Energy’s expertise, skills and our ability to execute these projects efficiently and successfully. Our strong partnerships with the Iraqi Ministry of Oil, South Oil Company (SOC) and our partners was critical in achieving this milestone.”
Kuwait Energy holds a 60 per cent revenue interest and is the operator of the Block 9 concession, while Dragon Oil holds 30 per cent and the Egyptian General Petroleum Corporation holds 10 per cent.
Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons.
Kuwait Energy’s MENA portfolio consists of 10 oil and gas assets across Egypt, Iraq, Yemen and Oman of which it operates 7 assets.
As at 31 December 2015, Kuwait Energy’s 2P working interest reserves are 818 mmboe and Q2 2016 average daily working interest production was 23,942 boepd.
Kuwait Energy has its registered office in Jersey, its head office in Bahrain, its regional operational hub in Kuwait and area offices in Basra, Baghdad, Cairo and Sana’a.