Hong Kong-listed independent United Energy Group (UEG) produced a record 108,000 boe/d on a working interest basis last year, driven by booming production from its Iraq assets. Iraq consolidated its position as the firm’s largest production source last year, ahead of Pakistan, and accounted for more than 50% of its production last year for the first time. The upshot of this is that UEG’s portfolio is also becoming increasingly oil-weighted.
All UEG output came from Pakistan until it entered Iraq and Egypt via its 2019 purchase of Kuwait Energy. Whilst the firm’s Pakistan output was and remains gas-focused, Iraqi gains and declines in Pakistan, mean that the liquids output share has soared from 15% for 2018 to a record 69% last year. (CONTINUED – 888 WORDS)
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