EMP reports lower 2018 sales and output, expects turn around in 1H 2019
Monday, June 10 2019 - 09:31 AM WIB
IDX-listed upstream company PT Energi Mega Persada Tbk (EMP) reported on Monday lower 2018 sales and operating profit compared to previous year mainly due decrease in gas production at its Bentu and Kangean blocks.
“Despite lower sales and operating profit in 2018, the company is optimistic that it will show better results in 1H (first-half) 2019,” EMP said in a statement.
The company said it expected to increase the gas production from both the Kangean and Bentu blocks in the first semester of 2019.
As previously reported, EMP has commenced gas production from the Sirasun and Batur fields within the Kangean block. Once in full operation, such fields are expected to contribute up to 100 million cubic feet of gas per day to the company.
The Bentu block has also started gas production from the newly completed Segat Gas Plant II facility. Each of the company's Segat Gas Plant I facility (SGP I) and the Segat Gas Plant II facility (SGP II ) has production capacity of 60 million cubic feet per day. “Once in full operation and based on the existing contracts, the company expects to produce between 85 to 100 million cubic feet of gas per day from both SGP I and II,” EMP said.
Table: EMP’s 2018 financial and operating performances
|
(in USS) |
2017 |
2018 |
|
Sales |
$316,971,601 |
$273,462,779 |
|
Operating Profit |
$120,509,455 |
$65,286,475 |
|
Oil Output |
1,617 barrel/day |
1,780 barrel/day |
|
Gas Output |
156 million cubic ft/day |
132 million cubic ft/day |
Editing by Reiner Simanjuntak