Medco reports increased H1 oil, gas production
Friday, August 5 2005 - 12:05 AM WIB
The Company?s 1H 2005 gas sales also increased significantly by 54.3% to 151.8 Million cubic feet per day (MMCFD) from 98.4 MMCFD in 1H 2004. The increase in oil and gas production were mainly due to start up of its Langsa oil field in Aceh and oil and gas production increase from Novus assets.
Average crude price for H1 2005 increased by 51 percent to US$50 per barrel while gas price increased by 37 percent to $2.21 per MCF.
LPG production in Kaji, South Sumatera that commenced production since March 2004 produced 15,250 Metric Tons of LPG compared to 4,125 MT in 1H 2004. All the LPG productions were sold to Pertamina.The production capacity of LPG is 200 MT per day or 66,000 MT per year.
The company also said that its drilling unit PT. Apexindo Pratama maintained 100 percent of offshore rigs utilization, while onshore rig utilization in 1H 2005 decreased to 42% compared to 55% in 1H 2004, mainly because of hot stack position for rig 4 and rig 12, and cold stack for rig 5 and rig 8.
The company produced 111,790 metric tons (MT) of methanol, compared to 110,886 MT in 1H 2004. The increased production was primarily due to better plant performance (no turn-around). Design capacity of the methanol plant is 1000 metric ton per day. Methanol sales for 1H 2005 period was 110,963 MT compared to 107,794 MT in 1H 2004. The average selling price of methanol per metric ton is USD 245/MT in 1H 2005 compared to USD 235/MT in 1H 2004.
Medco?s oil and gas production come from 11 producing assets throughout Indonesia with crude come mostly from South Sumatera?s Kaji-Semoga oil fields.
The company plans to drill 43 wild cat wells and 17 delineation wells in its working areas in 2005-2007. The company had just reached agreement with US independent oil producer Anadarko Petroleum, where the latter would pay for Medco?s exploration drilling costs for three years in return for 40 percent take in any discovery. (alex)
| OPERATION HIGHLIGHTS | 1H2005 | 1H2004 |
%
|
| OIL& GAS | |||
| OIL / BOPD | 59,748 | 56,200 | 6.3 |
| Gas Sales /MMCFD | 151.8 | 98.4 | 54.3 |
| Total BOEPD | 85,048 | 72,600 | 17.6 |
| Crude Price, USD/barrel | 50.23 | 33.14 | 51.6 |
| Gas Price | 2.21 | 1.61 | 37.3 |
| LPG | 15,250 | 4,125 | 270 |
| RIG UTILIZATION | |||
| Offshore Rig Utilization / % | 100 | 100 | 0.0 |
| Onshore Rig Utilization / % | 42 | 55 | -23.6 |
| METHANOL | |||
| Methanol Production / MT | 111,790 | 110,886 | 1 |
| Methanol Sales / MT | 110,963 | 107,794 | 3 |
| Methanol Price, USD/MT | 245 | 235 | 4.3 |