The recent plummet in crude prices have prompted oil companies to re-tweak their investment plans. Indonesia-based oil and gas company Medco Energi Internasional is no exception to this phenomenon.
Medco is readjusting its capital expenditure plans for the year, trimming investments made in the exploration of oil and gas, Lany Wong, chief financial officer of Medco told FinanceAsia in Jakarta.
The company is focusing instead on growing its existing business, monetising new projects that are about to begin full commercial operations whilst at the same time, looking for cheaper sources of funding.
“The current low oil price environment mutually drives all oil and...