Page 12 - AsianOil Week 06 2023
P. 12
AsianOil INVESTMENT AsianOil
Medco Energi allocates $370mn
in capex for 2023
INDONESIA INDONESIAN energy firm Medco Energi MedcoEnergi has also set aside about
Internasional (MedcoEnergi) will expand its $110mn for power projects, including the first
MedcoEnergi splashed capital expenditure by almost 50% to around phase of the Lyen geothermal development in
out $250mn in capex $370mn in 2023, allocating a greater share to oil East Java, which will have an electrical capacity
in 2022, according to and gas development, its director Ronald Gun- of 34 MW, Gunawan said.
Gunawan, in order to awan told reporters on February 9, according to In other recent developments for the com-
maintain oil and gas Reuters. pany, MedcoEnergi signed a gas sales agreement
production. MedcoEnergi splashed out $250mn in capex in November last year with gas importer Gas
in 2022, according to Gunawan, in order to Supply, to continue deliveries from the Corridor
maintain oil and gas production. project to Singapore. The five-year deal will be
"Our investment in oil and gas and power is effective from August 2023.
rising. We are developing the Forel project, Baro- MedcoEnergi acquired its 51% stake in
nang, and drilling in the Corridor block," he said. Corridor from ConocoPhillips in March 2022,
The Forel oil and Bronang gas projects are marking the US major’s complete withdrawal
situated at the South Natuna Sea block off the from Indonesia. ConocoPhillips netted $800mn
coast of Sumatra. Meanwhile the Corridor pro- in cash from the sale.
ject is located on the island. In the third quarter In 2021, Corrodiro produced 51,000 boepd,
of 2022, the company’s production averaged and the project currently holds about 70mn boe
161,000 barrels of oil equivalent per day (boepd). in reserves.
POLICY
Myanmar-Russia deal marks Yangon’s
long-term nuclear ambitions
MYANMAR A Myanmar-Russia intergovernmental agree- Myanmar’s first.
ment on co-operation in the employment of Also speaking after the signing, Alexey
It is a move being nuclear power by the Southeast Asian nation Likhachov, the director-general of Russia's
watched carefully by has highlighted Yangon’s long-term nuclear nuclear power company Rosatom, said that
Myanmar’s regional ambitions to help power the impoverished state the deal registered “a new chapter in the his-
neighbours. of 54mn. tory of Russian-Myanmar relations, the 75th
It is a move being watched carefully by Myan- anniversary of which we are celebrating this
mar’s regional neighbours. year.”
The agreement was signed at a ceremony He went on to say that “the creation of a new
marking the official opening Myanmar’s Nuclear industry in the country will undoubtedly benefit
Technology Information Centre in the national the energy sector, industry and the economy of
capital Yangon last week. Myanmar.”
Prime Minister of Myanmar, and the serving No mention was made of the continued civil
Chairman of the State Administration Council, unrest across Myanmar or the international con-
Senior General Min Aung Hlaing said after the demnation of the military junta which came to
signing that “this agreement is co-operation power on the back of a February 2021 coup d’etat.
not only for small nuclear power plants but also Likhachov merely added that “nuclear energy
the application of nuclear technology in many offers a steady reliable supply of clean energy at
sectors and it will enhance the socio-economic a stable price. The introduction of nuclear tech-
development of the country.” nologies implies a powerful impetus for the
It is understood Moscow and Yangon will development of natural sciences, education and
work initially on training a limited number of training of highly qualified personnel. We appre-
local engineers towards the construction and ciate the fact that Myanmar has a given prefer-
maintenance of a small-scale modular reactor; ence to Russian nuclear technology.”
P12 www. NEWSBASE .com Week 06 10•February•2023