BP Indonesia Cuts Investment Budget For Tangguh Train 3 LNG Project

Reuters

JAKARTA, May 25 (Reuters) - BP has cut its investment budget for the Tangguh Train 3 liquefied natural gas (LNG) project in Indonesia to between $8 billion and $10 billion, from $12 billion previously, a company official said on Wednesday, amid depressed oil prices.

"The market is adjusting to oil prices and we have to make a lot of effort to maximize the scope so we can keep costs down," BP Indonesia country head Dharmawan Samsu told reporters.

BP is currently holding a tender for engineering, procurement and construction for the third LNG train at its Tangguh project in West Papua and expects a final investment decision on the project mid-year, Samsu added.

(Reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Christian Schmollinger)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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