Medco Energy Owned By The Late Conglomerate Arifin Panigoro Officially Acquires 20 Percent Shares Of Oil And Gas Blocks In Oman

Illustration (Photo: Doc. Antara)

JAKARTA - PT Medco Energi Internasional Tbk (MedcoEnergi) has completed an acquisition of 20 percent ownership in two Exploration and Production Sharing Agreements (EPSA) in Sultanate Oman from OQ Exploration & Production LLC (OQEP).

In a statement to the media, the management wrote that MedcoEnergi acquired 20 percent ownership of the EPSA produced by Block 60 and 20 percent ownership of the EPSA exploration of Block 48.

It is known that both are located on land, precisely in the western part of Oman near the Saudi Arabian border.

"Blok 60 covers an area of 1,485 km2 and produces ~63mboepd from the Bisat oil field and the Abu Blindum gas field, the EPSA contract will expire in 2048. Meanwhile, Block 48, which is located adjacent, covers an area of 2,995 km2 and has significant oil and gas potential," wrote management, Wednesday, December 13.

Management said that OQEP will remain the operator of the two blocks and will facilitate exchange of expertise in gas exploration, field development, application of technology and sustainability processes through the placement of MedcoEnergi workers in joint operations and bilateral corporate assignments.

President Director of Medco Energi, Hilmi Panigoro said, OQEP is the third largest producer in Oman and is a subsidiary of OQ Group SAOC, a global integrated energy group belonging to Sultanate Oman.

OQEP currently operates three blocks in Oman and participates in a number of joint ventures of production and exploration assets in Oman and Kazakhstan.

"This acquisition strengthens MedcoEnergi's reputation in gas sustainability and development initiatives, as well as presents new centers to continue developing low-cost production," concluded Hilmi.