MANILA, Philippines?Exploration firm PetroEnergy Resources Corp. posted a 300-percent surge in its net income to $1.34 million in the first quarter, due to higher production and prices during the period.
In a filing with the Philippine Stock Exchange, the company said its total revenues rose by 55 percent to $3.419 million from $2.2 million a year ago.
?The 55.42-percent increase was due to higher number of barrels produced at a higher price from 1.74 million barrels at an average price of $73.95 per barrel in the first quarter of 2010, to 2.09 million barrels at an average price of $104.59 per barrel for the same quarter in 2011,? the company reported.
PetroEnergy?s main source of revenues would be the oil fields in Gabon, West Africa, particularly Etame oil field, through its share in the oil production. The company currently holds a 2.525-percent working interest in the Etame Marin Production Sharing Contract.
According to PetroEnergy, three oil fields?the Etame, Avouma-Tchibala and Ebouri?continued production in the first quarter, during which three shipments were made to customers. Daily production averaged 21,438 barrels.
The group operating the West Africa oil fields has been planning and analyzing the proposed modification and improvement on two production platforms, namely the Ebouri and Avouma platforms. Under preparation were the upgrading of the electrical generating systems and a study for the installation of water knock-out facilities on the platforms.
In the Philippines, PetroEnergy has interests in four petroleum service contracts namely SC 6A (Octon Malajon block) and SC 14C2 (West Linapacan), both in Northwest Palawan; SC 47 in offshore Mindoro; and SC 51 in the East Visayan Sea.
It also holds renewable energy service contracts for its proposed wind farm projects in Sual, Pangasinan; and Nabas, Aklan, and for a planned 20-megawatt geothermal power plant on Mt. Makiling.?Amy R. Remo