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il and gas company PT Energi Mega Persada has reported 105 percent growth in revenues for the first nine months of 2012, thanks to higher oil production that offset losses from the declining oil price.

According to the firm’s financial report,which was submitted to the Indonesia Stock Exhange (IDX) on Friday, the company booked US$14 million in net profits during January — September 2012, the company booked $6.92 million in the same period in 2011.

The audited report also showed the company’s surge in net profits was supported by 187 percent rise in net sales to $434.59 million in the first nine month of 2012 from $151.39 million year-on-year.

“This improvement was due to the combination of a higher [gas] price and higher production rate. Our newly acquired 18.73 percent stake in the Offshore Northwest Java PSC block will add another 12,000 barrels of oil equivalent per day [boepd] [this year]. Our newly commissioned Kangean PSC block’s Terang gas field also contributed some 7,140 boepd during the first nine months of 2012,” Energi Mega president director Imam Agustino said in a statement.