SEPOC reduces cost of oil production to $ 9 pb
The Source: SANA'A/hadhramaut.infor/sabanews.net - 12/09/2010
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Safer E & P Operations Company (SEPOC) has said that it has reduced the cost of oil production in Block (18) to USD 9 per barrel (pb),compared to USD 20-37 pb in neighboring blocks.
A report on the company's activity, Saba got a copy of it, indicated that except the capital costs, which are the investment assets in the Block (18), the cost of oil production decreases to USD 5.5 pb, and with calculating the value of gas production, the cost of production in the Block (18) drops off to nearly USD 3.0 pb only.The cost of oil production in the Block (18) amounted to USD 180 million in 2008, the report pointed out.The report noted that the revenues of SEPCO in 2008 reached more than USD 1.7 billion, and with calculating the value of the produced domestic gas which equals USD 240 million ,the revenues of the State from the SEPCO increase to about USD 2 billion
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