Medco enjoys production boost from Oman

PT Medco Energi Internasional, through its wholly owned subsidiary Medco Oman LLC, announced that this year?s average production from its Karim Small Fields in Oman has increased to 22,000 bopd as of May.

It said in a statement that the production was a record high, ever since the company was awarded the contract to develop the block in 2006 when production was around 9,500 bopd. Last year, production averaged 18,729 bopd.

The company is the operator of the project that consists of 18 fields with a 55 percent participating interest. The other shareholders are the Government of Oman and Shell.

Earlier, the company also reported a net income of US$12.1 million in the first quarter of the year, an increase of about 23 percent from US$9.8 million during the same period last year.

Editing by Dadan Wijaksana