Singapore’s SPC posts S$28.7 million revenue from Indonesian upstream
Saturday, October 23 2004 - 01:13 AM WIB
Singapore Petroleum Corporation Limited (SPC) said Thursday it had posted revenue of S$28.7 million and profit of $15.3 million in the first nine months of 2004 from its participation in the Kakap production sharing contract in West Natuna sea.
SPC said during the first nine months, total oil and gas production averaged 2,700 barrels of oil equivalent per day (BOEPD) with an averaged realization of US$34.54 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 next year.
SPC is mainly active in oil refining, bunkering & terminalling and oil trading businesses in Singapore. (Robert)