Medco reports increased earnings and productions in 2001

JSX listed oil and gas company PT. Medco Energi International Tbk. announced on Wednesday that the company?s net income had increased 23 percent from Rp 572 billion (US$ = Rp.9,300) in 2000 to Rp 705 billion in 2001, while net revenue increased by 27 percent from Rp 3.1 trillion in 2000 to Rp 3,9 trillion in 2001. The increase was due to increase in sales volumes of oil and gas, methanol, and improved rig utilization rates and average daily rates in 2001.

The company?s average daily oil production increased to 82,200 BOPD in 2001 from 66,800 BOPD in 2000 (increase of 23 percent). This solid production growth is mostly due to increased production from Kaji/Semoga field, Rimau Block, South Sumatra, which contributed 69,100 BOPD in 2001 or almost 84 percent of total crude oil produced by the Company.

The Company?s crude oil export sales to Mitsui in 2001 totaled 6.8 million barrels, higher than the target forecast of 5.4 million barrels for the year, inline with the entitlement increase during the year.

The company?s 2001 gas sales increased significantly to 77.2 MMCFD (million cubic feet per day) compared to 65.9 MMCFD in 2000, notably due to re-instatement of historical level of gas supply to Bunyu methanol plant, East Kalimantan, and to the PUSRI fertilizer plant in Palembang.

Meanwhile, the company said net sales and operating revenues from drilling subsidiaries increased by 76 percent, to Rp 472,6 billion in 2001 from Rp 361.4 billion in 2000 due to an increase in onshore and offshore rig utilization rates to 43 percent and 100 percent, from 37 percent and 76 percent, respectively in 2000. (robert/alex)