Prepare A Capex Of IDR 2.23 Billion, EMP Will Add Oil And Gas Reserves

Rupiah (Photo: Antara)

JAKARTA - PT Energi Mega Persada Tbk (ENRG) or EMP prepared funds of 120 million US dollars or equivalent to Rp2.32 trillion as capital expenditure (capex).

Vice President Director & CFO of PT Energi Mega Persada Tbk, Edoardus Ardianto detailed that 55 percent of the budget will be allocated for drilling exploration wells and development wells.

"This is a follow-up activity from 2023 which we are doing around 55 percent," he said at the Energy Corner, Tuesday, February 13.

Meanwhile, 25 percent capex will be budgeted for seismic activities both 2D and 3D to increase the company's total oil and gas reserves and the remaining 20 percent will be used to build company work facilities and capital.

"Everything we will do in order to increase production and increase the number of company reserves," continued Edoardus.

Edoardus said, EMP targets oil and gas production growth of 10 to 15 percent in 2024.

This step is carried out by encouraging exploration well drilling and development wells in 11 Working Areas.

Meanwhile, throughout 2023, his party has succeeded in drilling wells, including 7 exploration wells and also 5 development wells.

Meanwhile, the oil and gas production that was successfully produced by EMP throughout 2023 was 180 million cubic feet per day (MMSCFD) and crude oil up to 6,000 barrels per day (bpd).

"During 2023, we have produced around 6,000 barrels of oil per day and also around 180 million cubic feet per day during 2023," concluded Edoardus.