PGEO – A IDR2.21 tn capex realization in 1Q24

PGEO – A IDR2.21 tn capex realization in 1Q24 Pertamina Geothermal Energy (PGEO) has spent IDR2.21 tn or 25% of its 2024' capex (IDR8.85 tn), in 1Q24. The capex spending was used for developing new fields; LMB units 2, Lahendong 7 and 8, Hululais 1 and 2, and Way Ratal which is in collaboration with Chevron through a JV. Initially, PGEO will use 86% of this year's capex for its business developments and will use the rest of 14% for maintenance. Note that, PGEO posted revenue of USD103.23 mn and net income of USD47.51 mn in 1Q24. (Source : Bisnis Indonesia)