Medco reports 29% increase in oil, gas output

IDX-listed energy company PT Medco Energi Internasional Tbk reported on Friday that oil and gas production in the first semester of this year increased by 29 percent to 64 mboepd compared to the same January-June period of last year.

The company said in a statement that the stronger operating performance was a result of satisfying performance of the Senoro-Toili field.

Medco said that amid the current weak oil price environment, the company managed to reduce oil and gas operational cash costs per unit by 25 percent to US$7.6/boe in the first semester of this year compared to the first half of last year, or already within the company?s 2016 target of below $10/boe.

Medco also reported that revenue in the January-June period of this year reached $281 million with realized average oil price of $38.3 per barrel, and average gas price of $4.18 per mmbtu.

Elsewhere, the company said that gross profit in the first semester of this year reached $107 million, and operating profit at $58 million. The company did not provide comparative figures for same period of last year. Meanwhile, EBITDA increased 14 percent to $121 million from the level in the same period of last year.

Editing by Reiner Simanjuntak