Medco E&P reports 29% increase in oil, gas output

PT Medco E&P Indonesia, a subsidiary of IDX-listed energy firm PT Medco Energi Internasional Tbk, said that oil and gas production in the first-half of this year reached 64 mboepd, a 29 percent increase compared to the corresponding period of last year.

The company said in a statement on Sunday that the stronger six-month performance was due to satisfying results from the Senoro-Toili fields in Central Sulawesi.

Medco also said that operational cash costs in the January-June period of this year fell by 32 percent to US$7.6/boe compared to the corresponding six-month period of last year, and is in line with the company?s 2016 target of below $10/boe.

Elsewhere, the company said its focus now is to complete the acquisition process of the Block B South Natuna PSC in Riau Islands Province. It added that development of Block asset in Aceh Province has been progressing well and is below budget.

Editing by Reiner Simanjuntak