Medco's profit spikes during January-September
Indonesia’s Medco Energi Internasional on November 30 reported a sharp jump in net profit in the first nine months (9M) of the year thanks to high commodity prices.
Net profit for the nine months came in at $401mn, up 614% year/year reflecting strong oil, gas and copper volumes and elevated commodity prices, it said. Average oil and gas prices for the nine months were US$101.4/b and US$7.9/mn btu respectively.
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Oil and gas production during the period was up 73% year/year. Full-year production guidance has been increased to 160,000 boe/d. Production cost was $7.2/boe.
Oil and gas capital expenditure was $150mn, mainly to progress several development projects in the South Natuna Sea Block B PSC. The Hiu field was placed into service in June and the first gas on the Belida extension project is expected by end of this year, Medco said.
Medco recently signed a gas sales agreement with gas importer Gas Supply to continue supplying gas to Singapore from the Corridor production sharing contract in South Sumatra.