Medco oil output up, gas down in 2005

Publicly listed oil company PT Medco Energi Internasional Tbk reported Wednesday that its oil production slightly increased to 57,040 barrels of oil per day (BOPD) last year from 55,500 BOPD in 2004, while gas sales declined to 136.20 million cubic feet per day (MMCFD) from 150.06 MMCFD, respectively.

Medco said its reserves replacement ratio was 167 percent by end of 2005 compared to 31 percent in 2004 following the completion of 67 development wells at its producing assets, Rimau, South & Central Sumatra and Tarakan blocks and the acquisition of Sembakung block in East Kalimantan.

Moving ahead into the year 2006 and beyond, MedcoEnergi is determined to continually explore and seize opportunities for further business growth and to enhance operational efficiencies.

Medco also said it had allocated as much as US$400 million of capital expenditures to support its strategic development projects in 2006 and future growth.

The company targets to produce 65,000 BOPD and 200 MMCFD of gas this year. (godang/denny)