Medco's oil and gas net sales increase by 28% in 9 mo 2006

JSX-listed PT Medco Energi Internasional Tbk reported that net oil and gas sales increased by 28 percent to US$392.28 million in the first nine month of this year from $306.43 million in the same period last year.

The firm said on Wednesday its oil lifting slightly increased to 55,748 barrels per day (bpd) in the first nine month of the year from 54,032 bpd a year earlier, while gas sales were down 3.3 percent to 131.18 million cubic feet per day (MMCFD) from 135.65 MMCFD.

Average price on crude oil and gas sales reached $66.33 per barrel and $2.49 MMBTU until the end of this quarter compared to $53.29 per barrel and $2.53 MMBTU a year earlier respectively.

Medco is the largest Indonesian oil and gas exploration and production firm. The company has transformed into an integrated energy company with business involvement in drilling services, methanol production and most recently, power generation.

Medco’s total sales and other operating revenue increase 23 percent to $101.86 million in the first nine month of 2006 from $442.21 million a year before.

The company’s net income, however, decrease 16 percent to $47.19 million in the first nine month from $56.37 in the same period last year. (denny)