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Economy in brief: Saka Energi to spend much on Pangkah Block
Oil and gas producer Saka Energi Indonesia (SEI), the upstream arm of state-owned gas distributor Perusahaan Gas Negara (PGN), has allocated US$150 million in capital expenditure (capex) next year
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il and gas producer Saka Energi Indonesia (SEI), the upstream arm of state-owned gas distributor Perusahaan Gas Negara (PGN), has allocated US$150 million in capital expenditure (capex) next year.
SEI president director Tumbur Parlindungan said his company would use 60 percent of the capex budget to manage Pangkah Block in East Java. “We are investing the majority of our capex in Pangkah because it's an operated block,” he said during a media briefing in Jakarta on Tuesday.
He said SEI planned to drill seven wells in 2018 — four development wells and one exploration well in Pangkah, one exploration well in South Sesulu Block in East Kalimantan and one exploration well in Wokam II in Papua.
Tumbur said his company’s production was expected to grow between 5 and 10 percent next year from 53,000 barrels of oil equivalent per day (boepd) of 2017's total production. According to an unaudited report, SEI booked $316 million in revenue this year, or 34 percent growth from $209 million last year.
