Singapore's SPC posts S$9.0 million Q1 revenue from Kakap block

Singapore Petroleum Corporation Limited (SPC) said on Thursday its participation interest in the Kakap production sharing contract (PSC) in West Natuna sea contributed around S$9.0 million in revenue and $4.3 million in operating profits for the first quarter of this year.

SPC said during the period its net oil and gas production reached 2,900 barrels of oil equivalent per day (BOEPD) with an averaged realization of US$32.00 per BOE in sales.

Kakap PSC, which is operated by Star Energy, an Indonesian company, contributed about 20 percent of an agreement?s total gas sales volume of 2.5 trillion cubic feet over 22 years to Singapore starting 2001.

SPC holds a 15 percent of working interest in the PSC.

Aside from this only upstream asset, SPC is mainly active in oil refining, bunkering & terminalling and oil trading businesses. The company has recently announced that together with ChevronTexaco, it will acquire BP?s refining interests in Singapore.

SPC is 49 percent owned by Keppel Corporation Limited, a Singapore-based major company in the offshore, energy and engineering marine industry. (robert)