MedcoEnergi Completes Divestment of Area 47 in Libya

Refinery illustration (Photo: antara)

JAKARTA - PT Medco Energi Internasional Tbk or MedcoEnergi announced the divestment of its ownership in Contract Area 47, Libya to the Libya National Oil Corporation (NOC).

In a written statement, MedcoEnergi President Director Roberto Lorato said that MedcoEnergi and NOC had agreed to transfer all of the Company's participation rights of 50 percent in the Exploration and Production Profit Sharing Agreement (EPSA) in the Area 47 Contract.

Meanwhile, the Company's entire known share ownership is 24.5 percent in the Joint Operating Company, Nafusah Oil Operations B.V.

This divestment also resolves all claims and lawsuits under arbitration between MedcoEnergi and NOC, which both entities have agreed to withdraw.

"This divestment is in line with MedcoEnergi's strategy to continue increasing its portfolio through targeted acquisitions and divestments. "We appreciate NOC's cooperation during this transaction," said Roberto, Tuesday, May 28.