Jakarta - PT Medco Energi Internasional Tbk (MEDC) cut its capital expenditure to US$275 million from US$300 million initially in 2022.

"In terms of capex, we lowered the guidance, particularly for oil and gas, due to a delay in arrival in Natuna," said Medco President Director Amri Siahaan in the public expose live 2022 on Wednesday (9/14).

He added that the capex allocation for oil and gas would be US$250 million and electricity for US$25 million. The company absorbed approximately US$117 million in the first half of this year, with about US$102 million allocated to oil and gas and about US$15 million allocated to electricity.

"In this first semester, we focus on the development of the Natuna and Riau IPPs," he continued.

Meanwhile, the capex in 2023-2024 will be allocated for the addition of Corridor reserves and the addition of a renewable energy portfolio.