Total E&P Indonesie plans $2.3 billion investment expenditure
Thursday, January 17 2013 - 02:34 AM WIB
Total E&P Indonesie said it would allocate US$2.3 billion for investment expenditure this year among others to help slowdown the rate of production decline in the Mahakam Block in East Kalimantan.
The company expects production in the block to reach 1,500 mmscfd this year, down from 1,780 mmscfd.
?We?re allocating $2.3 billion for expenditure in 2013. For other investments $1.2 billion particularly for three projects including Peciko 7b, Peciko 7c, and Sisi Nubi 2b. There are more than 10 new wells ready for drilling,? Head of Media Relations Department at Total E&P Indonesie, Kristanto Hartadi, told Petromindo.com Thursday.
Kristanto said that the company has been making efforts to help slow down the rate of production decline at the Mahakam Block including through the development of the South Mahakam Block.
Editing by Reiner Simanjuntak