Sepanjang field resumes production
EMP's net sales increase by 63%
Tuesday, March 31 2009 - 01:01 AM WIB
EMP and partners were forced to stop production from Sepanjang field in December 2007 after bad weather and strong wind hit and damaged the field?s FSO
EMP through its subsidiaries owns a 50 percent stake in Energi Mega Pratama Inc. which wholly owns the Kangean PSC. Japex and Mitsubishi hold the remaining 50 percent stake.
In most of the first quarter of 2009, Sepanjang?s two wells, SED-1A and SED-4, have been producing oil at above 3,500 barrels of oil per day. This positive result has driven EMP?s total oil and gas production to a peak level of 32,000 barrels of oil equivalent per day since the beginning of year 2009, EMP's President Director Christian Ponto said in a statement made available to Petromindo.com on Tuesday.
The firm also said its consolidated net sales rose 63 percent to Rp1.86 trillion (1US$= Rp11,530)in 2008.
The realized price of the firm oil went up by 32 percent to US$96.4 per barrel, while its gas price was up by 8 percent to $2.8 per Mcf. The firm also recorded a 4 percent increase in oil and gas production to 25,100 barrels of oil equivalent (boe) per day in 2008, Christian said.
The company improved efficiency as it cut production cost by 16 percent from $6.7 per boe in 2007 to only $5.9 per boe in 2008.
Earnings Before Interest, Tax, and Depreciation (EBITDA) jumped by 146 percent to Rp 863 billion in 2008, he added.
He however did not specify the firm's net earnings for 2008. (Denny)