SPC posts $10.6 million Q1 revenue from Kakap block

Singapore Petroleum Corporation Limited (SPC) posted $10.6 million in revenues and $6.0 million in operating profits in the first quarter of this year from its participation interest in the Kakap production sharing contract (PSC) in West Natuna sea.

The figures were sharply up from last year?s corresponding quarter of S$6.2 million in revenues and $3.9 million in operating profits.

?The high oil prices in the first quarter resulted in an average realisation of US$34.60 per barrels of oil equivalent,? SPC said in a statement Wednesday.

The company said during the first quarter oil and gas production from its 15 percent working interest in the Kakap PSC totaled 2,800 barrels of oil equivalent per day.

Kakap block, which is operated by ConocoPhillips, contributed about 20 percent of an agreement?s total gas sales volume of 2.5 trillion cubic feet over 22 years to Singapore.

SPC is a subsidiary of Singapore?s major company in the offshore, energy and engineering marine industry Keppel FELS Pte Ltd. (robert)