JAKARTA: An integrated upstream oil and gas producer, PT Elnusa Tbk is eyeing US$64 million or around IDR550 billion new contract this year merely to strengthen its business performance until the end of this year.In the first half this year, the company packed IDR43.08 billion net income, a 59% rise compared to the same period last year at IDR27.1 billion. Gross income soared by 20% to IDR217.42 billion.In the first semester this year, Elnusa secured upstream oil and gas contract, valuing US$303 million or IDR2.6 trillion where 75% of the contract is tapped in 2011, said Elnusa Corporate Secretary Heru Samodra."In order to accomplish year-end target, Elnusa is eyeing several prospective upstream oil and gas contract, valuing US$64 million in total, particularly in seismic business, he said in an official press statement yesterday.The company, as he added, focuses to tap upstream oil and gas business particularly by fostering the efficiency and effectiveness of service as well as attempting to secure long term contract. Some of the companys major clients are Pertamina, Chevron and TotalE&P Indonesie.In the first half of 2011, geosciences service serves as the main contributor to the operating revenue of upstream oil and gas unit by 48% through land seismic acquisition business and marine seismic & transition zone business.Integrated upstream oil and gas service happens to be Elnusas core business that contributes 39% to the revenue or around IDR845.86 billion. In the meantime, downstream oil and gas unit gave 53% or IDR1.15 trillion contributions while supporting upstream oil and gas service attributed 8% or IDR184.99 billion to the revenue.Recording profitSeparately, PT Garda Tujuh Buana Tbk booked IDR12.71 billion net income as per June 2011, reversing its net loss in the same period last year at IDR16 billion.Garda Tujuh Buana successfully recorded profit as it begins to record IDR36.22 billion sales. In June last year, the company failed to conduct any sales.Investors well responded such positive performance by purchasing the GTBO-coded stocks. During yesterdays closing, Garda Buana climbed 26.92% to IDR165 per stock, the highest since it listed its stock for the first time on 8 July 2009 at IDR115 per unit. The market capitalization has now soared to IDR412.5 billion.Garda Buana is now controlling 70 hectare mining concession for exploitation in Bulungan. According to PT Mineserve Citra Teknik, this concession has 95.41 million ton reserve. (t02/msw)

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