Gulf Indonesia Resources? earnings down in 2001
Wednesday, February 20 2002 - 08:27 AM WIB
Gulf Indonesia Resources (GIR), a subsidiary of Conoco Canada Resourses said on Tuesday reported a net earnings of US$32 millions during 2001, far lower than 2000 earnings of $84 million.
The company said the decrease was due to the decrease in world oil prices and a decline in reported sales volumes.
GIR also said that during 2001, it had added 28.4 million barrels of oil equivalent (BOE) to its reserve, which replaced 188 per cent of the oil and gas produced in 2001 at an average F&D cost of $3.65 per BOE. The resrve addition was primarily came from proved reserves added from the successful delineation program at Suban in the Corridor PSC in South Sumatra. (alex).