TANGERANG - PT Medco Energi Internasional Tbk recorded an increase in oil and gas production of up to 18 percent or 170,000 barrels of oil equivalent per day (BOEPD) in the first quarter of 2026.
Senior VP Business Support MedcoEnergi, Iwan Prajogi stated, this achievement strengthens the Company's position in maintaining the reliability of national energy supply amid increasing energy needs to support economic growth.
"Oil and gas production in the first quarter of 2026 increased significantly compared to the total production of 156 mboepd in 2025. All development projects are on schedule," said Iwan in a discussion session "MedcoEnergi Today: Value. Focus. Growth." at the IPA Convex 2026 event, Wednesday, May 20.
According to him, the sustainability of energy supply requires disciplined project execution, a balanced portfolio, and strong partnerships between industry players, the government, and all stakeholders.
"Five decades of Indonesian energy partnership are an important foundation for stepping into the next era of growth. MedcoEnergi is committed to continuing to take a role through the development of projects that are measurable, reliable, and support national energy resilience," added Iwan.
In South Sumatra, he continued, gas development continues. The PSC corridor is producing at full capacity under 70 percent ownership, while the Sakakemang PSC is moving towards FID in the third quarter of 2026 with the first production targeted for 2027.
In Sulawesi, Senoro Phase 2A is targeted to be fully operational by mid-year. At the regional level, Bualuang Phase-1 in Thailand is scheduled to be onstream in the second quarter of 2026. The company is also expanding its strategic role through the operatorship of Cendramas PSC in Malaysia which will be effective in September 2026.
In the electricity sector, Ijen Geothermal is preparing to enter Phase 2 with the addition of 35 MW to a capacity of 70 MW. The Batam IPP expansion is progressing towards 300 MW, and Sumbawa Solar PV 26 MWp which is currently in the expansion potential review stage. With renewable energy now accounting for 26 percent of total installed capacity, the Company is on track to reach its target of 30 percent by 2030.
In terms of sustainability, MedcoEnergi achieved the MSCI ESG "AAA" rating, which places the Company in the group of 11 percent of global companies in the Oil & Gas Exploration & Production sector that have achieved the highest rating from MSCI.
MedcoEnergi targets production of 165-170 mboepd and electricity sales of 4,550 GWh by 2026.
"All projects are underway, and through a disciplined and measured approach, MedcoEnergi is committed to continuing to contribute to national energy security while supporting a sustainable energy transition," concluded Iwan.
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