Indonesia's Medco Swings to Loss in Q1

Indonesia’s MedcoEnergi on August 26 announced a loss of $20mn in the three months to March 31 (Q1), against a profit of $28.05mn in the same period last year.

“The loss occurred as profits from the oil and gas and power segments were offset by losses at mining firm PT Amman Mineral Nusa Tenggara (AMNT) as development on phase 7 progresses,” the company said. Medco’s realised oil price in Q1 declined 15% yr/yr and 18% quarter on quarter. Oil and gas production in Q1 was 101,000 barrels of oil equivalent/day, up 10% yr/yr but down 5% quarter on quarter, the company said.

Medco said that it has obtained government approval to develop the Paus Biru gas field in the Sampang production sharing contract, offshore East Java.

Fo the full year, Medco expects production to be in the range of 100-105,000 boe/d and total capital expenditures to be below $240mn.