Dec 20, 2010

Medco to invest US$400 million in 2011

Oil and gas producer PT Medco Energi Internasional Tbk (MEDC) aims to invest US$320 million-US$400 million to develop oil and gas block Libya 47, Donggi Senoro, and A Block Aceh in 2011.
"Of the total capital expenditure of US$1.6 billion, we plan to allocate 20%-20% for development next year," said Medco Vice President Project Capability Eka Satria as reported by Investor Daily today.
Medco posted a 18.5% increase in net income for the period of 9 months ended September 30 2010 on the back of oil price and gas price surge.
The company booked US$17.99 million net income in 9M 2010 from the previous year of US$15.18 million, underpinned by sales and operating revenue growth.
Sales coming from oil and gas inched up 19% from US$345.85 million in 9M 2009 to US$411.42 million in 9M 2010.
Medco's consolidated revenue rose 31.2% from US$482.24 million in 9M 2009 to US$632.78 million in 9M 2010.

Disclosure: No position at the stock mentioned above.  

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