PHE earns US$505m profit during Q3

By Godang Sitompul

PT Pertamina Hulu Energi (PHE) booked a revenue of US$1.592 billion and net profit of US$505 million during the third quarter of this year, which is lower than its profit target of US$565 million.

The decline was due to the impairment cost in Karama Block, Makassar Strait, which is managed by PHE and Statoil.

"Our profit during Q3 is lower because we have to cover an impairment cost in Karama Block," PT PHE Corporate Secretary Wahidin told Petromindo.com in Jakarta on Saturday.

He said that PHE production of oil during the third quarter was 58,430 bopd, gas at 487 mmscfd and the impairment cost in Karama at about US$90 million.

Editing by Benget Besalicto Tnb.