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Economy in brief: EMP seeks more efficiency amid low oil prices
JAKARTA: Bakrie-controlled oil and gas firm PT Energi Mega Persada (EMP) is reducing expansion and focusing on greater efficiency to achieve its business targets amid sluggish oil and gas prices
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J
AKARTA: Bakrie-controlled oil and gas firm PT Energi Mega Persada (EMP) is reducing expansion and focusing on greater efficiency to achieve its business targets amid sluggish oil and gas prices.
Energi Mega Persada president director Imam Agustino said the company had set aside US$72 million in capital expenditure (capex) this year, a far cry from the $200 million capex last year.
“We will also be making cuts of inefficient areas, workers and equipment this year,” he told reporters in Jakarta on Friday, adding that the company targeted to book an increased earnings before interest, taxes, depreciation and amortization (EBITDA) this year.
While declining to elaborate more on the targeted EBITDA for 2016, Imam underlined that it was expected to exceed last year’s EBITDA of $339 million.
In 2015, the firm produced an average of 214.4 million standard cubic feet per day (mmscfd) of gas and 10.9 million barrels of oil per day (MBOPD).
“Our production target this year is not much different from last year’s,” Imam said. — JP
