Medco Completes Acquisition Of Repsol Participation Rights At PSC Corridor
JAKARTA - PT Medco Energi Internasional Tbk (MEDC) announced that it has completed the acquisition of Fortuna International (Barbados), Inc, which holds 24 percent indirect ownership rights at PSC Corridor from Repsol E&P.
This acquisition has a transaction value of 425 million US dollars. Meanwhile, PSC Corridor has seven gas production fields and one oil production field, all located on the mainland of South Sumatra, Indonesia.
Gas sales are carried out through long-term contracts for high-eputation buyers in Indonesia and Singapore.
Previously, Medco's President Director, Hilmi Panigoro, said this acquisition was in line with the company's strategy to own and develop high-quality assets that generate strong cash flows, as well as strengthen our commitment to national development.
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"Where natural gas is an important stage on the way to a carbon-low future," he said, quoted on Tuesday, July 29.
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.