JAKARTA. PT Medco Energi Internasional Tbk. allocated US$ 13.04 million or Rp 182.56 billion for oil and gas exploration in three blocks.
Based on the company's monthly exploration report quoted by Bisnis on Monday (23/09/2019), most of the funds (US$ 11.29 million) will be used for the drilling of the Tuna-1 exploration well in the South Natuna Sea block. 2D seismic is planned to begin in the fourth quarter of 2019, and drilling is planned to be started in 2020, "the management wrote in the report.
In addition, exploration is also being carried out on the South Sumatra block, with the drilling is being prepared. For this activity, the company spent US$ 1.73 million. Another exploration carried out in August 2019 was the acquisition of 110 km of terrestrial 2D seismic in the Lematang block which cost the company US$ 20,102.
This year MEDC increased its capital expenditure by 21.58% to around US$ 400 million while the realization of capital expenditure in 2018 was US$ 329 million. (AM/AR)