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Jakarta Post

Contractors to spend nearly $16b in 2010

  • Alfian

    The Jakarta Post

Jakarta   /   Thu, December 31 2009   /  08:42 am

Although this year’s investment has failed to meet the target, an upstream oil and gas regulator claims that oil and gas contractors have proposed a US$15.99 billion  investment for upstream activities in 2010, or a 41 percent increase from investment in 2009. Anditya Maulana, head of the operation division at BPMigas, told reporters Wednesday the investment figure was based on the work program and budget (WPNB) submitted by oil and gas contractors to BPMigas. “Of the total planned investment, $13.63 billion is expected from production working areas, while the remaining $2.36 billion is expected from exploration working areas,” he said. Energy analyst Pri Agung Rakhmanto said the figure from the production working areas was still reasonable as two massive oil and gas projects, the Cepu block and the Tangguh gas fields, were likely to attract huge investment next year. However,...