Cash and cash equivalents US$695 millionReservoir Engineer Intern (Houston, TX). To discuss whether Gustavson’s reservoir engineers can assist you, contact 303.443.2209 or gustavsongustavson.com. Oil and gas companies considering buying properties and needing independent technical and economic due diligence reports. Small oil and gas companies that need production and/or reservoir engineering support.
Commodity prices appear to have recovered, although gas demand remains weak. ADNOCs activities include exploration and production of.Jakarta, 26 June 2021 – PT Medco Energi Internasional Tbk 1 announces its consolidated financial statements for the period ended 31 March 2021 (“1Q 2021”).Roberto Lorato, CEO said, “I am pleased to see these improved results with positive Net Income and rising EBITDA. Oil and gas cash production costs US$8.7 per boeAbu Dhabi National Oil Company (ADNOC) is a diversified and integrated group of energy companies. In addition to the Reservoirs flood damage reduction mission, recreation and nature observation opportunities abound through the approximately. State Highway 6 bisects the reservoir north to south. Addicks Reservoir is situated on the north side of Interstate 10.It extends slightly north of Clay Road, and between Barker-Cypress Road to the west and Sam Houston Tollway to the east.
Power capex was US$3 million to progress commissioning of the Riau 275MW CCGPP. The Company will retain financial flexibility to respond to improved gas demand. Oil & Gas capex was US$6 million, low gas demand allowing expenditure deferrals. Net Income was US$5.1 million due to both Oil and Gas operations and Amman Mineral Nusa Tenggara generating positive earnings and benefiting from recovering commodity prices. Oil prices were US$58.8/bbl, 14% higher year-on-year (US$51.3/bbl) with gas prices US$5.7/mmbtu, essentially flat. EBITDA US$159 million, almost double from Q4-2020 mainly due to recovering commodity prices.
2021 IDR Bond maturities are secured in escrow and due to proactive liability management average loan life is now 5.1 years. The Company has cash and cash equivalents of US$695 million. Consolidated Debt was US$2.7 billion, down 19% from 1Q-2020. Restricted Group Debt 2 was US$2.3 billion, down 14% and Net Debt 2 US$1.8 billion, down 7% from 1Q-2020.
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Unit cash costs were US$8.7 per boe, in line with full year guidance. Gas demand remains subdued, notably in Aceh and East Java. Oil and gas production was 101 mboepd, flat year-on-year despite a larger gas portfolio.
Construction is progressing on the Solar 26MWp PV facility in Sumbawa, with commercial operation expected in 1Q-2022. The strategic alliance with Kansai Electric Power Company closed on 31 March 2021, strengthening Medco Power competitiveness in future gas power projects. The Riau 275MW CCGPP is 97% complete, commissioning is continuing and the facility is on track for commercial operation in Q4-2021. Medco Power generated sales of 666 GWh, a 4% decrease year on year, mainly due to lower electricity demand, 32% was generated from renewable sources in Q1-2021. Conducted an acid fracturing program on two Alur Siwah wells to optimize future gas production in Aceh.
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Oil and gas cash production costs US$9.0 per boeJakarta, – PT Medco Energi Internasional Tbk 1 announces its 2020 full-year financial results (“FY2020”).Roberto Lorato, CEO said “Clearly the low energy demand caused by the pandemic significantly impacted our performance last year. Power sales 2,639 GWh, 31% from renewable sources Cash and cash equivalents US$446 million Gross Debt US$2.7 billion and Net Debt US$2.3 billion AMNT obtained a one year extension on its export license for a 579,444 Wet Metric Tons and smelter project completion 27% as of January 2021. A Phase 8 development is now in progress.
AMNT 2 reported a US$25 million profit with mine ore from the Phase 7 development benefiting from higher copper and gold prices. Q4-2020 reported a Net Profit of US$9 million, before impairments as liquids prices began to recover. Full year 2020 was a US$189 million loss, including Q4-2020 one-time non-cash write-downs of US$93 million.
Restricted group debt 3 was US$2.3 billion, down 6% and Net Debt 3 was US$2.0 billion, down 4% from 2019. Debt was US$2.7 billion, down 15% from 2019. Supportive shareholders and proactive Liability Management allowed continued deleveraging. Cash and cash equivalents were US$446 million. Cash from Operations after capex was positive despite the low energy demand, with focused expenditure reductions and Ophir synergies. Power capex was US$63 million, to progress the Riau CCPP development and Ijen geothermal exploration drilling.
Four commercial exploration gas discoveries were made in the South Natuna Sea Block B PSC with the Bronang-2, Kaci-2, West Belut-1 and Terubuk-5 wells. Oil and Gas cash costs US$9.0/boe, and within guidance. Gas demand is recovering in 2021, but is still below pre pandemic levels. Production 100mboepd, affected by low gas demand. Scope-1 Green House Gas emission intensity continued to improve, reduced by 12% since 2018 and a multi-year forestation program removed 363,595 tons 5 of CO2 from the atmosphere in 2020. MedcoEnergi joined the Carbon Disclosure Project and will report in alignment with the TCFD 4 recommendations for 2020 onwards.
The 275MW Riau CCPP is 97% complete with commercial operation expected in Q4-2021 and construction is progressing on the 26MWp PV facility in Sumbawa for completion in Q1-2022. Exploration wells in Ijen, East Java discovered a steam reservoir and work is underway to prove the commercial viability of a new geo-thermal power facility. Medco Power formed a Strategic Alliance with the Kansai Electric Power Company to operate and develop gas IPP facilities. Power generation sales were 2,639 GWh, 31% from renewable sources.
The alliance brings together Kansai Electric’s global technical expertise with Medco Power’s experience in developing and operating power plants in Indonesia.Hilmi Panigoro, the President Director of MedcoEnergi, said, “We are delighted to enter this strategic alliance with Kansai Electric and look forward to growing our power business together”.Eka Satria, President Director of Medco Power said “The alliance with Kansai Electric will further strengthen our capabilities and allow us to continue developing our Gas IPP and O&M businesses in Indonesia, through the application of advanced technology and best international practices”.Established in 2004, Medco Power is a leading power producer in Indonesia, with gross contracted capacity of ~3,100 MW. AMNT obtained a one year extension on its export license for a 579,444 Wet Metric Tons.JAKARTA, 9 April 2021 – PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce the completion of the transaction to form a strategic alliance between PT Medco Power Indonesia (“Medco Power”) and Kansai Electric Power Company (“Kansai Electric”).Through the alliance, Medco Power and Kansai Electric will work together under a jointly owned platform to develop and operate existing and new gas-fired power plants and expand their operation and maintenance business in Indonesia. Phase 8 development is now in progress.
Now, as we approach the year-end, commodity prices are recovering and AMNT has returned to profit with first production from phase 7 capitalizing on rising copper and gold prices.
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