Medco books $9.5m as of Q3
Wednesday, October 29 2014 - 01:49 PM WIB
The firm did not provide camparative figures, only saying it is relatively ?stable? compared to the same period of last year.
Gross profit reached $199 million, while operating profit stood at $138 million until September this year.
Sales reached $552 millon with the oil and gas sector contributing $518 million or almost 94 percent. Oil and gas sales volume reached 41 million boe in the nine-month period. The price of its oil fell to $106.3 from $108.5 a barrel in the same period of last year, while the price of its gas rose to $5.6 from $5.1 per mbbtu. The increase in the gas price came as a result of the firm?s succes in renegotiating gas sales contracts.
He noted that the financial report does not include contributions from its operations in Tunisia as the assets in the North African country were officially recorded as the firm?s property in October this year.
During the third quarter period, the firm made oil and gas discoveries in Hijau-2 well in South Sumatra block; and in two wells in Libya, namely P2 and O2 wells in Area 47 block. The firm also completed the acquisition of Storm Ventures International (Barbados) Ltd and Chinook Energy Inc? 100 percent interest in eight oil and gas working areas in Tunisia.
The firm also showed committment to developing the domestic market by signing gas sales and purchasing agreements with state owned electricity firm PT Perusahaan Listrik Negara and PT MEPPOGEN. The gas supplies are meant for power generation in North Kalimantan and South Sumatra.
Medco?s CEO Lukman Mahfoedz said the firm is and will develop several projects which are expected to come onstream starting next year.
?The development of the Senoro gas field project has been 87 percent completed and the project will reach mechanical completion in early 2015. Meanwhile, the Donggi Senoro LNG plant is now in the commissioning stage,? Lukman said.
He added other projects of the firm including those in Block A PSC, Simenggaris PSC, Libya and Tunisia are expected to come onstream in 2017-2019.
With regards its asset in Libya, he said the firm has received the second permit of commercialization form the local authorities following the discovery of new oil reserve in the country. The permit will raise the firm?s 2P reserve by 74 mmboe (gross) as well as the firm?s production.
Editing by Johannes Simbolon