Energi Persada to increase oil and gas production this year
Thursday, March 3 2005 - 02:00 AM WIB
National oil and gas company PT Energi Mega Persada is upbeat the planned increase in the company?s oil and gas production will result in the rise in its net profit to Rp 560 billion this year, Media Indonesia reported on Thursday.
?The sharp increase in the net profit is quite achievable due to the planned increase in the production of both gas and oil in the company?s oil and gas fields,? the company?s corporate secretary Purwanto said in Jakarta on Wednesday,
Purwanto did not disclose the company?s total net profit in 2004 but he said that the net profit reached a total of 130.4 billion at the end of the third quarter. The company operates several oil and gas fields including the Malaka Strait, Brantas, Lapindo, Kangean and Kondur gas fields.
He said that the company planned to increase the oil and gas production at is Malaka Strait oil field to 12,000 barrels per day and 22 million cubic feet per day, respectively while those of the Brantas field would be increased to 1,400 barrels per day and 85 million cubic feet per day.
The oil and gas production of the Kangean field will be also increased to 3,450 barrels per day and 157 million cubic feet per day. Purwanto did not disclose the current production level of the oil and gas fields. (*)