PetroEnergy posts 6.4% rise in income

Publicly listed listed PetroEnergy Resources Corp. posted a 6.4-percent increase in its net income attributable to parent to $2.27 million in the first nine months of the year, despite posting a decline in revenue.

In a filing with the Philippine Stock Exchange yesterday, PetroEnergy reported that oil revenue fell by 6.32 percent to $9.3 million in the first three quarters from $9.9 million a year ago.

The company said the revenue decline was due to lower production of oil to 5.497 million barrels during the period from 6.081 million barrels in the same period last year.

The company’s other income surged by 90 percent to $676,000 due to higher interest earnings, strengthening of the peso, higher proceeds from the disposal of equipment and “positive market changes.

In the filing, PetroEnergy said it expected to incur additional expenses in its oil exploration project in Gabon, West Africa. Revenues from current oil producing fields, such as Etame and Avouma and Ebouri fields, will be used to finance the said capital expenditure.

The company’s main source of revenues would be the oil fields in West Africa, particularly Etame oil field, through its share in the oil production. It currently holds a 2.525-percent working interest in the Etame Marin Production Sharing Contract.

Apart from its stake in the West Africa oil field, PetroEnergy also has interests in several projects. It currently holds renewable energy service contracts for a proposed wind farm project in Nabas, Aklan and a planned 20-megawatt geothermal power plant on Mt. Makiling.

Through a vehicle company called Maibarara Geothermal Inc., PetroEnergy and partners Trans-Asia Oil and Energy Development Corp. and PNOC Renewables Corp. expect the P2.8-billion integrated steamfield and power plant to start commercial operations by late 2013.

PetroEnergy also has interests in four petroleum service contracts 6A (Octon Malajon block) and 14C2 (West Linapacan), both in Northwest Palawan; SC 47 in offshore Mindoro, and SC 51 in the East Visayan Sea.