Medco (MEDC) Increases Capital Spending by 50% in 2023

Medco Energi International (MEDC) has increased its capital expenditures by 50 percent to around USD370 millio in 2023.

IDXChannel - Medco Energi International (MEDC) has increased its capital expenditures by 50 percent to around USD370 millio in 2023. The largest portion of the capital expenditures will be allocated for oil and gas business development.

Director of Medco Energi Ronald gunawan stated that the company had spent around USD250 million  for capital expenditures in 2022. He said that the company's investment in oil and gas and electricity sectors has increased.

This year the company has set aside USD 250 million alone to maintain production. In the third quarter of 2022, Medco Energi’s  oil and gas production has reached 161,000 barrels of oil
equivalent per day.

Ronald explained the company has also allocated funds of around USD110 million US dollar for power plant projects. One of them is developing the first phase of a geothermal project in East Java.

Watch our show IDXChannel Official YouTube: Market Headlines Program Monday (13/2/2023) with the theme Medco Increases Capital Expenditure by 50% in 2023.

(WHY)