Medco Energi earnings up in Q1

Indonesian publicly listed oil and gas company PT Medco Energi International on Monday reported an increase in first quarter earnings due to higher crude oil and gas production.

According to the report, Medco's first-quarter crude oil production rose 21 percent to 73,800 barrels per day, while its gas output rose 17 percent to 77.5 million standard cubic feet per day from the first quarter of 2000. The crude oil growth was attributed to increased production at the Kaji/Semoga field, Rimau Production Sharing Contract (PSC) block in South Sumatra.

The company's gas sales growth resulted from the reinstatement of historical level of gas supply to a fertilizer plant in Palembang, South Sumatra and Bunyu methanol plant in East Kalimantan, the company said in the statement.

Medco Energi's first-quarter 2001 revenue rose 58 percent to Rp. 818 billion rupiah (US$ = Rp.11, 400) from the same period last year. Net profit in the first quarter totaled Rp187 billion as against Rp. 163 billion in the same period of last year. (*)