Medco aims to halt oil output decline
The Jakarta Post
PREMIUM PT Medco E&P Indonesia plans to spend US$260 million this year on the development of its oil and gas blocks, the company's executive says. President Director Lukman Mahfoedz said Monday the company would drill 80 wells in existing fields and about 20 wells in exploration areas this year with a total budget of $150 million. "We need this amount of money to maintain our fields...