Conoco SE Asia earning to double on Gulf acquisition: Report
Thursday, May 31 2001 - 06:00 AM WIB
Conoco Indonesia Inc. Ltd., a wholly owned subsidiary of Conoco Inc. expects 2001 earnings from South East Asia production to more than double from 2000, and general manager Patrick Meyer told Dow Jones in an interview Wednesday.
The 2001 earnings projection assumes Conoco's successful acquisition of Gulf Canada Resources Ltd., a 72 percent shareholders of Gulf Indonesia Resources Ltd.
Incorporating earning from a 72 percent stake in Gulf Indonesia, natural gas sales, and oil production from Conoco operations in West Natuna, Conoco's earnings from South East Asia following the acquisition is set to exceed US$ 100 million in 2001, Meyer said.
After the acquisition, Conoco's proven oil and gas reserves in Southeast Asia will more than double to 365 million boe, and total net production from the region will more than triple on year.
Conoco has made a significant progress in exploration discoveries and production in Vietnam, Meyer said.
In Indonesia , where Conoco's Southeast Asian oil and gas investments are concentrated, Conoco and Gulf Indonesia will continue operating as separate companies as Gulf Indonesia is not a wholly -owned Gulf Canada Unit. (*)