Medco to invest $120m to finance exploration activities
Saturday, September 3 2005 - 02:14 AM WIB
PT Medco Energi Indonesia Tbk( Medco Energi) plans to conduct exploration activities in 43 oil fields in the country and in Libya during the next three years, Investor Indonesia daily reported on Saturday.
The company has allocated some US$120 million to finance the activities.
Medco Energy president Hilmi Panigoro said that the expansion in the exploration activities was aimed at taking advantage of rising oil prices.
But he said that the company has decided to temporarily postpone acquisition plans as rising oil prices make acquisition targets pricey.
Hilmi said that for this year, Medco was likely to carry out exploration activities in 5-6 oil fields which would require some $30 million in investment.(dino)