Kuwait Energy Company

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Type Private
Founded 2005
Headquarters Salmiya, Kuwait[1]
Key People Sara Akbar (CEO, Director), ManssourAboukhamseen (Chairman)[2]
Revenue US $178.9 million (2011)[3]
Net Income US $34.8 million (2011)[4]
% change on previous year +58.9%[5]
Total Assets US $884.1 million[6]
Total Equity US $734.3 million[7]
Employees 464 (Sept 2011)[8]
Website http://www.kec.com.kw

Global Snapshot

Kuwait Energy Company (KEC) operates as an independent oil and gas exploration and production company. It engages in the exploration, production and development of oil and gas reserves in the Middle East, North Africa and Eurasia regions. Countries where KEC has operations include Kuwait, Egype, Yemen, Iraq, Oman, Russia and Pakistan.

The company, formerly know as Zahra Oil and Gas, was founded in 2005 and is headquartered in Salmiya, Kuwait. The company operates as a subsidiary of the Zahra Group.[9] CEO Sara Akbar said in November 2011 that the planned initial public offering (IPO) of the company is intended to help it in pursuing potential acquisitions in the Middle East and North Africa region.[10]

According to their annual report, the company's vision is to become the pre-eminent oil and gas company in the Middle East, and aims to be producing 75,000 barrels of oil equivalent (boe) per day by the end of 2015, with 400 million boe of proved and probable reserves.[11] As of September 2012 average daily production stood at 17,266 boe per day.[12]

Company Report Highlights

According to the company report for 2010[13], since 2006 production levels for the KEC have rised from just 680 barrels of oil equivalent (boe) per day, to 13,258 boe/day. Between 2009-2010 production output grew by 15.3%. Net profit for 2010 was up 291% on 2009 levels, after a steep drop in earnings from 2008 to 2009.

The report highlights Iraq, Kuwait, Egypt and Yemen as key growth opportunities for the company and comments that the company's long term focus is increasingly on the Middle East and North Africa region. In October 2010 a Memorandum of Understanding (MoU) was signed with the Yemen government to develop a long-term Yemen Gas Master Plan (YGMP) to utilize domestic natural gas.

Official Accreditations and Global Perceptions

EITI Supporter Status

As of December 2011, the KEC was not a supporting company of the EITI

UN Global Compact

As of December 2011, the KEC was not a participant in the UN Global Compact.

CSR Review

According to the KEC's official website, the following are the highlights of their corporate social responsibility activities:

  • Conducting Environmental Impact Assessments (EIAs) and Social Screening Studies prior to initiating any new or existing operational project, in order to preserve social and environmental equilibrium of the area. Studies have been carried out in the Ukraine and Yemen.
  • Provision of humanitarian advisory assistance to the Somalian federal government, as well as advising on Somalia's Petroleum Law and fiscal regime.
  • The company is committed to playing an important part in society by generating student interest and excitement in maths and science from an early age. In 2008 KEC partnered with ExxonMobil Exploration and Production Kuwait Ltd to launch the annual Kuwait Science Fair competition, which attracted over 550 students over three years.
  • Support for various community projects in countries of operation, such as the RESALA Charity Foundation, a campaign for the recycling of unneeded paper and tyres.
  • Establishment in 2009 of the Kuwait Oil Company Professional Women Network (KOCPWN) to empower and motivate KOC female professional workers.[14]

Global Operations by Country

Iraq

Main article: Kuwait Energy Company Operations in Iraq

References

  1. Kuwait Energy Company" Bloomberg Businesweek, retrieved 15 December 2011
  2. Kuwait Energy Company" Bloomberg Businesweek, retrieved 15 December 2011
  3. Corporate Profile" Kuwait Energy Company, September 2012.
  4. Corporate Profile" Kuwait Energy Company, September 2012.
  5. Corporate Profile" Kuwait Energy Company, September 2012.
  6. Corporate Profile" Kuwait Energy Company, September 2012.
  7. Corporate Profile" Kuwait Energy Company, September 2012.
  8. Company Profile September 2011" Kuwait Energy Company, retrieved 15 December 2011
  9. Kuwait Energy Company" Bloomberg Businesweek, retrieved 15 December 2011
  10. Kuwait Energy Company" Bloomberg Businesweek, retrieved 15 December 2011
  11. Company Profile September 2011" Kuwait Energy Company, retrieved 15 December 2011
  12. Corporate Profile" Kuwait Energy Company, September 2012.
  13. Company Profile September 2011" Kuwait Energy Company, retrieved 15 December 2011
  14. Corporate Social Responsibility Report" Kuwait Energy Company, retrieved 15 December 2011