Jakarta. Energi Mega Persada, an independent oil and gas company, is setting aside $280 million in capital expenditure this year for its expansion plan.
Imam Agustino, president director at Energi Mega Persada, told reporters on Thursday that the company would focus on increasing production at its oil and gas blocks.
He added that 90 percent of the planned spending would come from the company’s internal cash, while the remaining 10 percent would come from loans.
Energi Mega, controlled by Bakrie Group, is the largest listed upstream oil and gas company by production. Its operations span northern Sumatra, East Kalimantan, Java and eastern Indonesia.
The company has also been active in acquiring oil and gas blocks in Asia and Africa since 2001. It acquired the Buzi block in Mozambique for $175 million last October.
Energi Mega’s profit jumped 23-fold to $19 million in the first quarter from the same period last year. Sales increased 8.3 percent to $193.8 million.
By Jakarta Globe on 01:52 pm Jun 06, 2014
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