Jakarta. Energy services company Elnusa (ELSA) has earmarked Rp 526 billion in capital expenditure (capex) for 2024, a 6 percent increase from the Rp 495 billion allocated in 2023.

“The 2024 capex will primarily be allocated to the upstream oil and gas segment,” said Elnusa's VP of Strategic Planning Corporate Management, Rifky Budi Prasetyo, in Jakarta on Friday.

He explained that of the Rp 526 billion capex, 39 percent will go to upstream activities, 31 percent to logistics distribution, 18 percent to upstream support, and 11 percent to shared services.

The upstream oil and gas business segment has shown continuous growth in its contribution to revenue. One driving factor is the company’s seismic survey activities, which are expected to lead to new oil and gas reserve discoveries.

“In addition to seismic surveys, the upstream segment also includes geological and reservoir services, drilling services, well intervention services, engineering, procurement & construction (EPC), and maintenance,” he added.

In line with this, Elnusa’s assets for 2024 are targeted to reach Rp 9.91 trillion, up from Rp 9.6 trillion in 2023.

The revenue target for 2024 is around Rp 12 trillion. This year’s revenue is expected to be contributed 55 percent from energy distribution and logistics, 32 percent from upstream oil and gas, and 13 percent from support services.

As of Q1 2024, Elnusa’s revenue reached Rp 3.108 trillion, a 1 percent decrease from Rp 3.142 trillion in the previous period. Meanwhile, net profit reached Rp183 billion, a 59 percent increase from Rp 115 billion in the same period last year.