BP Indonesia cuts investment budget for Tangguh Train 3 LNG project
5/26/2016 11:38:57 AM
JAKARTA - BP has cut its investment budget for the Tangguh Train 3 liquefied natural gas (LNG) project in Indonesia to between $8 B and $10 B, from $12 B 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)
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