JAKARTA. PT Medco Energi Internasional Tbk (MEDC) prepares a capital expenditure (capex) worth USD 370 million or approximately IDR 5.59 trillion in 2023.

Ronald Gunawan, Director and Chief Operating Officer (COO) of MEDC, mentioned that most of the capex this year will be allocated for the development of oil and gas fields managed by the company. For this agenda, the company will set aside approximately USD 250 million or around 67.6% of total capex.

In the meantime, the remaining USD 110 million will be spent on power plant construction, which is also handled directly by MEDC. “The investment for power plans indeed increases. However, the majority of the investment still goes to oil and gas,” Gunawan confirmed through his official statement.

The oil and gas blocks that will receive the most extensive investment from MEDC are Block B of South Natuna Sea and Corridor PSC. On top of these two, the company plans to work further on Forel oil field and Bronang gas field.

According to IDNFinancials record, MEDC booked IDR 1.80 billion of revenue throughout January-September 2022. Its revenue soared 89.11% year-on-year (yoy), or compared to the same period last year. Furthermore, its net profit proliferated massively by 615.39% yoy to USD 56.12 million. (KR/ZH)