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ublicly-listed PT Energi Mega Persada (ENRG) booked Rp 68.56 billion (US$7.46 million) in net profits last year, due to growing oil and gas prices as well as higher production.

ENRG’s total revenue of Rp 2.12 trillion in 2011, increasing by 69 percent from year-on-year Rp 1.25 trillion, helped the company turn around a net loss of Rp 62.32 billion in 2010.

The earnings before tax, depreciation and amortization (EBITDA) stood at Rp 894.19 billion, a massive 140 percent increase from Rp 372.76 billion in 2010.

“The company’s improved financial results were driven by a combination of increased selling prices, higher production rates and more efficient production costs,” ENRG president director Imam Agustino said in a written statement.

“Our North Pagerungan oil field [Kangean PSC, East Java] and gas fields in Bentu PSC [Riau] were responsible for the 27 percent production growth in 2011.

“Favorable trends in the global oil price and our increased gas price also contributed to the company’s sales and EBITDA growth. Last year, we focused more on development and work-over drillings to enhance production more efficiently in 2011,” Imam said.

The company produced 7,300 barrels of oil per day and 56.4 million cubic feet of gas per day in 2011, increasing by about 13 percent and 34 percent respectively from 6,370 barrels of oil per day and 42 million cubic feet of gas per day in 2010.

The average oil price was $112.3 per barrel, surging 38 percent from $81.4 per barrel in 2010. Average selling price was $4 per million cubic feet, increasing by 38 percent from $2.9 per mcf in 2010.

“We expect to book significant production growth in 2012 from our Terang Gas field [Kangean PSC], Seng and Segat gas fields [Bentu PSC, Riau], Tonga PSC oil block [North Sumatra] and our newly acquired offshore North West Java [ONWJ] PSC,” Imam said.

Last December, ENRG, through its subsidiary EMP International Limited, acquired 36.7 percent participating interest in ONWJ block from Chinese oil company CNOOC for $212 million.

The company recently said that it aimed to book Rp 4 trillion in revenue and $250 million in EBITDA this year.

ENRG is 17.71 percent owned by Siam Commercial BK pUblic Co. Ltd. HK Branch A/CReignwood International Investment (Group) Cp. Ltd. HK, 6.65 percent by Mellon Bank NA S/A For Mackenzie Cundill Recovery Fund and 75. 64 percent by the public.

— JP/Raras Cahyafitri