MedcoEnergi?s 2004 oil, gas output rises 14 percent

Publicly listed energy firm PT Medco Energi Internasional Tbk reported Monday its oil and gas production increased by 14 percent to 32 million barrels oil equivalent (mmboe) in 2004 compared to 28 mmboe in 2003 thanks to significant addition from the Novus acquisition of 5.8 mmboe and successful secondary oil recovery from existing fields.

MedcoEnergi said its natural gas production increased by 106.1 percent to 181.2 million cubic feet per day (mmcfd) in 2004 compared to 87.9 mmcfd in 2003, while oil production declined to 57,370 barrels of oil per day (bopd) from 66,820 bopd in 2003.

The company added that by the end of 2004 it had successfully reactivated oil wells in its, recently acquired, Langsa block, Nanggroe Aceh Darussalam, which tested flow rate of 4,500 bopd.

MedcoEnergi also reported offshore drilling services managed by its subsidiary PT Apexindo Pratama Duta Tbk reached 100 percent utilization rate, compared to 78 percent in 2003. Meanwhile, onshore rig utilization declined to 53 percent from 57 percent. Apexindo operates 5 offshore and 11 onshore rigs.

In methanol business, MedcoEnergi, through its subsidiary, PT Medco Methanol Bunyu, strives to improve plant utilization and efficiencies, as it ended the year with production rate of 236,574 metric tons, a slight declined from 2003 volume of 265,500 metric tons.

MedcoEnergi added that its total asset in 2004 grew 43.4 percent to US$1,441.7 million from $984.9 million in 2003, mainly due increased oil and gas properties as a result of Novus acquisition, transit cash of Novus asset sales, and other assets. (godang/maya)