Lundin?s Q1 Indonesian liquids production up, sales down
Thursday, May 19 2005 - 01:02 AM WIB
Stockholm-based oil and gas company Lundin Petroleum AB reported Wednesday its Indonesian net production slightly increased to 213,937 barrels of oil equivalent(boe) or 2,377 barrels of oil equivalent per day (boepd) in the first quarter of 2005 from 205,417 boe or 2,257 boepd in the same quarter last year.
Lundin said sales dropped to 145,791 boe in the first quarter of 2005 compared to 158,955 boe a year ago, with average realized price at US$42.93 per boe compared to US$29.27 per boe, respectively.
The company said under the production sharing contract (PSC), it was obligated to allocate a portion of production to the host country as a type of royalty payment.
Lundin?s liquids production come from its participating interest in PetroChina-operated Salawati Basin PSC (25.9 percent) and Salawati Island join operating body (14.5 percent), which are located in Papua Province. (robert)