Sugih Energy Eyeing LNG Business After Canceling Old Well Management

By Editorial Team 02/06/2020
Summary

PT Sugih Energy Tbk is canceling its plan to manage 44 old oil wells in the Cepu Block located on the border of East Java and Central Java Provinces. The Covid-19 pandemic ended the SUGI-coded oil and gas company's plan. "The plan is canceled because of falling oil prices," Sugih Energy President Director David K. Wiranata said.

Therefore, Sugih Energy will focus on continuing its plan to become a provider of liquified natural gas (LNG) for power plants. Currently, it is still calculating the investment value to execute this business agenda. "Some parties will also work together with Sugih Energy," he said without revealing the identity of those who will become the company's partners.

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