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    Medco to Spend $60 Million on Oil, Gas Exploration

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Summary

PT Medco E&P Indonesia, a unit of PT Medco Energi International Tbk (MEDC), allocates US$ 60 million for oil and gas exploration.

by: Shardul

Posted in:

Asia/Oceania

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Medco to Spend $60 Million on Oil, Gas Exploration

PT Medco E&P Indonesia, a unit of PT Medco Energi International Tbk (MEDC), has decided to allocte $60 million for oil and gas exploration activities during the current year.

The capital will be used to drill a number of exploration wells in oil and gas fields owned by the company.

Medco plans to drill 29 wells in the country and to work on 30 exploration wells in Oman and two wells in the Gulf of Mexico, the United States.

The company aims to get 100 million barrels of oil equivalent (boepd) additional oil and gas reserves from these operations.

Medco projects oil and gas production at 57 thousand boepd this year, same as last year.

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