JAKARTA - PT Medco Energi Internasional Tbk (MEDC) has budgeted US$ 340 million in capital expenditure (capex) for 2020.
According to a report published on Monday (13/1), from the amount the company will allocate US$ 28 million for its oil and gas business and US$ 60 million for its electricity business. In 2019, the company budgeted US$ 350 million in capex.
For its oil and gas business, Medco targets oil and gas production of 43% and 67% respectively in 2020. In December 2019, the company commenced the first oil production from Bualuang Phase 4B, Thailand amounting to 12,900 barrels of oil per day (bopd).
“The company will also carry out gas development in East Java and Buntal-5 as well as South Natuna Sea’s Block B, which will commence first production in mid-2020,” the company wrote in the report.
In the electricity business, in 2019 Medco sold 1,870 GWh of power through its subsidiary PT Medco Power Indonesia. In addition, the Riau Private Power Unit run by the company has also reached 56% of construction progress and is expected to start production in the second quarter of 2021. (MS)