MedcoEnergy Narrows To Repsol Participation Rights At PSC Corridor

JAKARTA - PT Medco Energi Internasional Tbk (MedcoEnergi) announced that it had signed a deal with Repsol E&P, S.men.r.l. to acquire Fortuna International (Barbados), Inc. which holds 24 percent indirect ownership rights at PSC Corridor.

The transaction value for this acquisition is US$425 million and is expected in the third quarter of 2025.

President Director of MedcoEnergi, Hilmi Panigoro said, PSC Corridor has seven gas production fields and one oil production field, all located in mainland South Sumatra, Indonesia. Gas sales are carried out through long-term contracts to high-eputation buyers in Indonesia and Singapore.

"This acquisition is in line with our strategy to own and develop high-quality assets that generate strong cash flow, as well as strengthen our commitment to national development, where natural gas is an important stage in the journey towards a carbon-low future," he said, Thursday, June 26.

For information, Repsol is a global multi-energy company operating in more than 20 countries, employing 25,000 people, and serving 24 million consumers.

Upstream Repsol's business covers the entire value chain of oil and gas from exploration to commercial development which is run with the highest safety standards.