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.” ™



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