Medco Energy doubles oil production to 60,900 barrel a day
Saturday, June 17 2000 - 04:30 AM WIB
PT. Medco Energi Internasional Tbk doubled its crude oil production in the first quarter of this month to 60,900 barrels per day from 36,818 in the same period of last year, while at the same time, crude oil prices in the international market also rose almost 2.3 times to $26.15 a barrel from $11.3 a barrel.
Medco Energi corporate secretary and investor relation manager Tenri Suprianto said, however, that the company's gas production in the first quarter of this year fell to 66.200 cubic feet per day from 84.200 cubic feet a day in the first quarter of last year.
He noted that crude oil prices rose further in April and May to $24.4 a barrel and $28.6 a barrel respectively.
Despite the rising crude oil production and soaring crude oil prices, Tenri revealed, the company's operating profits dropped to Rp 311 billion in the first quarter of 2000 from Rp 411 recorded in the first quarter of last year.
Tenri also noted that Medco's Sumatra operation was not affected by recent massive earthquake that devastated Bengkulu as its operation field located 400 miles away from the quake epicenter. (*)