Soco sees profits rocket

Oil and gas firm Soco International yesterday posted record revenues and profits for the year after reporting its first return to full-year production since 2007. Pre-tax profit jumped to $93.4m (£60.8m) from $37.3m before, demonstrating the impact of a full year's earnings from its two new producing assets in its South East Asia portfolio. Revenue surged to $131m from £55m last year. Total production during 2009 was 6,415 barrels of oil equivalent per day (BOEPD) sourced from its Vietnam and Thailand operations compared with 2,533 BOEPD produced from these continuing operations in 2008. This increase reflects a full year of production in Vietnam and Thailand.