Singapore’s SPC posts S$10.3 million Q1 revenue from Kakap PSC
Wednesday, April 27 2005 - 12:13 AM WIB
Singapore Petroleum Corporation Limited (SPC) reported Monday it had booked unaudited revenue of S$10.3 million and profit of $$5.1 million in the first quarter of 2005 from its participation in the Kakap production sharing contract in West Natuna sea.
SPC said during the first quarter, total oil and gas production averaged 2,600 barrels of oil equivalent per day (BOEPD) with an averaged realization of US$40.88 per BOE in sales.
SPC holds a 15 percent of working interest in Kakap Block. The company also has a 40 percent interest in Sampang PSC offshore East Java, which is expected to start oil production in the third quarter this year.
SPC is mainly active in oil refining, bunkering & terminalling and oil trading businesses in Singapore. (Robert)