JAKARTA - As world oil prices continue to plummet, PT Medco Energi Internasional Tbk. cut its capital expenditure (CapEx) budget from US$ 340 million to US$ 240 million.
According to the statement posted on the company's website, CEO of Medco Energi Roberto Lorato said that the company chose to cut its CapEx budget when the world oil prices plummeted to below US$ 30 per barrel.
The current budget is allocated to the oil and gas segment (US$ 180 million) and electricity segment (US$ 60 million).
Furthermore, of the total budget allocated for the oil and gas segment, US$ 117 million was allocated for the PSC project, US$ 21 million for non-PSC projects, and US$ 42 million for exploration costs. (ARM/AR)