SPC?s revenue from Kakap PSC up 25% in 2003
Monday, January 26 2004 - 01:08 PM WIB
Despite a lower production at its Kakap production sharing contract (PSC) offshore West Natuna, Singapore Petroleum Corporation Limited (SPC) reported Monday that its unaudited revenue from the PSC rose by 25 percent to S$36.0 million in 2003 from $28.8 million in 2002.
SPC?s oil and gas production from Kakap declined to 2,600 barrels of oil equivalent per day (BOEPD) in 2003 from 2,660 BOEPD the previous year.
The company said realized sales price for 2003 averaged US$27.65 per BOE.
SPC holds a 15 percent of working interest in Kakap. The PSC, which is operated by Star Energy, 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 is 49 percent-owned by Singapore?s major company in the offshore, energy and engineering marine industry Keppel FELS Pte Ltd. (robert)