BP Indonesia Cuts Investment Budget For Tangguh Train 3 LNG Project
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)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 32 Offshore Rigs
- BP: 2017 'Massive' Year for Global Upstream Projects (Dec 07)
- BP Seeks Stake In Cairn Energy Senegal Assets (Nov 20)
- Officials: BP, Eni Interested In Developing Iraq's Majnoon Oilfield (Nov 20)