Pertamina's 2007 upstream capex below target

State oil and gas company PT Pertamina cut down capital expenditure in the upstream sector this year from Rp 10.1 trillion to Rp 7 – 8 trillion due to delays in several drilling programs, Media Indonesia reported Wednesday.

 

Company upstream director Sukusen Soemarinda said in Jakarta on Tuesday that the company had thus far spent only 50 percent of the Rp 10.1 trillion funds allocated as capital expenditure this year.

 

The drilling programs which have been postponed until next year include the one planned for Simpang Way field in Sumatra, he said, adding that drilling program for Pondok Tengah field in Bekasi remained on track.

 

“Capital expenditure for next year will thus be higher than the spending for this year," Sukusen said.(*)