PGEO Reserves IDR 8.52 Trillion For Capital Expenditures In 2024

Rupiah (Photo: Antara)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) has prepared a capital expenditure (capex) worth US$547 million or equivalent to Rp8.52 trillion.

PGEO's Finance Director, Yurizki Rio, said that out of the total reserves, 10 to 15 percent will be generated for maintenance capex, while the rest will be used for capex growth in 2024.

"This year we have a capex expenditure of around 547 million US dollars, of which 10-15 percent are more maintenance capex and the rest are used for growth capex," he said in a media gathering quoted Friday, March 15.

Yurizki said the prepared capital expenditure will also be used for the development of the company and develop technology which will later be used to improve the quality and income of the company.

Regarding the company's expansion, up to 2029 companies need at least USD 3 billion.

"Actually, 3 billion US dollars includes plans that are organic development and also potential mergers and acquisitions," he continued.

For information, this year PGE continues to expand through exploration of geothermal potential and optimizing work areas to accelerate the increase in the installed capacity of Geothermal Power Plants (PLTP) to 1 Giga Watt (GW) in the next two years.

PGE has a track record in the development and management of effective geothermal projects in various regions in Indonesia, and PGE's geothermal assets consistently achieve high operational reliabilities, exceeding 96 percent since 2019.