Medco to spend US$ 300m next year

PT Medco EP Indonesia will spend at least US$300 million in capital expenditure next year, down from $35 million allocated for this year, the company?s senior official has said.

Medco?s President Director Budi Basuki said in Jakarta on Friday that the 2010 capital expenditure would be allocated mostly for the development of the Block A gas field in Aceh, and the Senoro gas field in Central Sulawesi.

He said that about $88 million would be allocated for the development of Black A, and another $50 million for the development of Senoro.

Medco has allocated $330 million in capital expenditure for this year. About $160 million are used for the development of the Singa gas field, part of the Lematang oil and gas block being developed by the company in South Sumatra. (*)