Kuwait Energy and the UAE’s Dragon Oil have made a second discovery at their Block 9 joint venture in Iraq.
The Kuwaiti company holds a 70 per cent stake in the block, with the rest held by Dragon Oil.
Preliminary tests of the Faihaa-1 Yamama formation resulted in oil-flow rates of 5,000 to 8,000 barrels of oil each day.
More tests will be conducted on the formation by the end of this year.
Kuwait Energy was awarded the Block-9 exploration license in southern Iraq in 2012.
It also operates in Egypt, Oman, Pakistan and Yemen.
As of May this year, Kuwait Energy’s proven and probable reserves stood at 165.7 million barrels of oil.
Its current production reached 24,250 barrels a day at the end of last month.
Its third-quarter revenue fell 3.5 per cent to US$71.8 million from $74.4m because of declining oil prices.
The company plans to focus on the Middle East and North Africa region.
This year it sold its assets in Ukraine and Russia as part of its strategy.
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