PGN plans capex of $500m
Thursday, February 28 2019 - 08:44 AM WIB
IDX-listed gas distribution firm PT PGN Tbk plans capital expenditure (capex) of around US$500 million this year to be allocated for its upstream business and gas pipeline projects.
Kontan quoted PGN President Director Gigih Prakoso as saying Wednesday that around half of the planned capex will be allocated for its upstream business, and the balance for mid-stream and downstream pipeline line projects.
Its upstream subsidiary PT Saka Energi Indonesia plans to drill 12 development wells this year, including 10 at the Fasken block in the US and two at the Pangkah block.
Saka also plans to drill three exploration wells comprising of two wells at Pangkah block and one at Wokkam block in Papua.
Gigih said that PGN will continue construction of the 67-km Duri-Dumai gas pipeline project.
In addition, PGN has also been assigned to develop household gas pipeline networks financed via the state budget. (*)