Exploration Of Several Wells In Natuna, Mexico And Oman, Medco Group Owned By The Late Conglomerate Arifin Panigoro Distributes USD 12.08 Million

JAKARTA - The oil and gas company owned by the late conglomerate Arifin Panigoro, PT Medco Energi Internasional Tbk (MEDC), has carried out exploration activities in several areas. Among them, are Natuna, Mexico, and Oman.

Citing information from Medco's Corporate Secretary Siendy K. Wisandana, the exploration activities which took place from April-June 2022 were carried out by several business entities. Among others, are PT Medco E&P Natuna, Ophir Mexico Operations SA de CV - Blok 12 Mexico, and Mendo LLC Oman.

In detail, Medco E&P explored the PSTM-PSDM 3D seismic Kaci in the West Natuna area for US$237,511.56. As a result, the company will evaluate the structure of Kaci.

Later, Ophir Mexico explored the Bacalar-1EXP well for 10.43 million US dollars. As well as exploration of the Appraisal Irad NE-P2 well for US$1.41 million by Medco LLC.

With these exploration activities, Medco through its business entity spent 12.08 million US dollars in April-June.