Present In Indonesia, MedcoEnergi Of The Late Conglomerate Arifin Panigoro Completes Acquisition Of ConocoPhillips Assets

Illustration. (Photo: Doc. Medco Energi)

JAKARTA - The company owned by the late conglomerate Arifin Panigoro, PT Medco Energi Internasional Tbk announced the completion of the acquisition of all shares issued by ConocoPhillips Indonesia Holding Ltd (CILH) from Phillips International Investments Inc.

MedcoEnergi management in its official statement revealed, CIHL fully owns the shares of ConocoPhillips (Grissik) Ltd, as the Operator of the Corridor PSC with a 54 percent working interest and 35 percent interest in Transasia Pipeline Company Pvt. Ltd.

He explained, Corridor PSC has two oil production fields and seven gas production fields located onshore South Sumatra, Indonesia, close to MedcoEnergi's operations in South Sumatra.

"The majority of production is sold through long-term gas sales and purchase contracts to reliable partners in Indonesia and Singapore," the management wrote, quoted Friday, March 4.

Through Transasia, MedcoEnergi has a minority stake in the gas pipeline network that supplies customers in Central Sumatra, Batam and Singapore.

"This acquisition is in line with MedcoEnergi's strategy to own and develop high quality assets and generate positive cash flows," said the management.

Management believes that this acquisition can strengthen MedcoEnergi's position as an independent energy and natural resources company in Indonesia and reaffirm the Company's commitment to Indonesia's national development. This acquisition will generate synergies with MedcoEnergi's operations in Sumatra and support the Company's Climate Change Strategy, including carbon capture opportunities.