JAKARTA – PT Elnusa Tbk (ELSA) has set the capital expenditure (capex) budget of IDR 500 billion in 2023. This budget will cover regular maintenance and fund the business expansion plan, including those related to facilities for the hydraulic workover (HWU) project.

Bachtiar Soerja Atmadja, Director of Finance of Elnusa, claimed that 46% of capex will be used for survey tools and well maintenance, while another 35% will go to business development. “With this amount of capital expenditure, the company is committed and ready to invest in development and innovation in order to secure growth,” he said in the press release quoted Friday (3/3).

Regarding its business expansion plan, ELSA will allocate the fund to the maintenance of the capacity of the hydraulic workover (HWU) project, mobile well testing, and the logistics distribution service for the construction of Liquefied Petroleum Gas Terminal in Kolaka, Tanjung Pandan, Labuan Bajo.

In 2022, ELSA realised IDR 490 billion of capex. They were spent on promoting growth and continuity of the business, including developing the upstream service, the energy distribution and logistics, and oil and gas supporting services. (LK/ZH)