Medco Energi Manages The Mandate Oil And Gas Block

JAKARTA - PT Medco Energi Internasional Tbk (MedcoEnergi) won the auction to manage the Amanah oil and gas (ocused gas) block in South Sumatra.

Just so you know, the Ministry of Energy and Mineral Resources (ESDM) announced the results of the 2024 Migas I Working Area Live Offer Auction in Bali, Tuesday, September 3.

In the announcement, MedcoEnergi through PT Medco Energi Linggau was trusted to manage the Mandate Block located in South Sumatra.

Director and Chief Operating Officer Ronald Gunawan said, MedcoEnergi through a new entity with a composition of PT Medco Energi Linggau (Operator) of 40 percent, PT Sele Raya by 30 percent and KUFPEC Regional Ventures (Indonesia) Limited by 30 percent, will become a Contractor to manage a block with a work area of 1,753.15 square kilometers that has the potential for this oil and gas reserves.

"Blok Amanah is also close to other oil and gas blocks of Medco E&P that have produced so that they can synergize," he said in a statement to the media, Thursday, September 13.

While this type of block contract is Production Sharing Contract with the operating fee return mechanism.

"This offshore block was previously an open area," he continued.

Ronald added that Medco and his two partners submitted a joint study to the Directorate General of Oil and Gas at the Ministry of Energy and Mineral Resources to evaluate potential resources and the economy of the area.

The joint study results show that there is potential that deserves to be explored economically, so PT Medco Energi Linggau and the consortium follow up on the joint study results as a proposal for a new oil and gas block. Thank you to the Government of Indonesia for the trust given to manage the Mandate Block. We are committed to carrying out this task as well as possible in order to support national energy resilience," said Ronald.