MedcoEnergi Achieved Important Milestones

Senoro Upstream and Downstream LNG Project

MedcoEnergi as a Private National Oil & Gas Company and its partners has succeeded in monetizing the Senoro gas field which was previously considered as stranded gas, by supplying gas to the Donggi Senoro LNG plant among others. The inauguration of both projects was in conjunction with the release of first cargo of LNG shipment by the President of the Republic of Indonesia, Mr. Joko Widodo.

35th Years of MedcoEnergi

Working Toward Sustainability

A 35-year remarkable journey has brought MedcoEnergi venturing from its drilling service to the core business of exploration and production of oil and gas and power generation business. Aiming to be a world-class sustainable energy company, we will continue to develop energy resources responsibly in our operation areas which are now spread out in 3 continents and 7 countries.

Strengthening Our Producing Portfolio

Senoro Gas Development, Central Sulawesi, Indonesia

Senoro Gas Development, one of MedcoEnergi's major developments, was once considered stranded gas due to its remote location and unavailability of infrastructure for the gas captives. We successfully develop and monetize the abundant gas resources into high quality markets that will take gas up to 310 mmscf per day.

Delivering Projects Development

Donggi Senoro LNG, Central Sulawesi, Indonesia

The Donggi Senoro LNG will be the fourth LNG plant in operation in Indonesia and the first LNG project built by national companies (MedcoEnergi, Pertamina) and partner Mitsubishi. The plant has a total capacity of 2 million tons of LNG per annum with gas supply from the Senoro-Toili gas field, in which MedcoEnergi also participate.

Clean Energy for a Cleaner World

Sarulla Geothermal, North Sumatera, Indonesia

The construction of Sarulla Geothermal Power Plant has started in 2014, and will produce geothermal power for 3 x 110 MW electricity. As the world's largest single-contract geothermal power project upon completion, the plant is envisioned to provide clean and sustainable electricity in Indonesia and expected to reduce carbon dioxide emission up to 1.3 million tonnes a year.

Monetizing Reserves

Block A, Aceh, Indonesia

In January 2015, MedcoEnergi inked a Gas Sales Agreement of over US$ 2 billion in value, monetizing 200 BCF reserves from the Block A Production Sharing Contract in Aceh Province, Indonesia. The customer is the state owned company Pertamina, with an agreed gas price of US$ 9.45 per MMBTU. This contract demonstrates the Company’s support to the development of the Indonesian domestic gas market, at the same time creating value for the company and establishing a vital economic presence in the province of Aceh.

Stock

04/05/2016
MEDC-IDX
(IDR)
1,710
Market Cap
(Trilion IDR)
5.7
Volume
(lot)
79,888

Whistleblower

Ensuring MedcoEnergi is a safe, fair and honest place to work.
Monday, 02/05/2016 WIB MedcoEnergi Increases Interest in Aceh Block A PSC

PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (MedcoEnergi) is pleased to announce it has reached agreement to acquire Japex Block A Ltd’ ...

Thursday, 28/04/2016 WIB MedcoEnergi awarded Lematang PSC Extension

PT Medco Energi Internasional Tbk (MedcoEnergi) is pleased to announce it has been awarded a 10 year extension of the Lematang Production Sharing Contract (PSC) effective April 6 ...

Thursday, 31/03/2016 WIB MedcoEnergi Announces its 2015 Financial Results

Today, PT Medco Energi Internasional Tbk (“MedcoEnergi” or “the Company”) released its financial statements for the year ending December 31, 2015 with a gross profi ...

Wednesday, 30/03/2016 WIB MedcoEnergi Signs EPC Contract for the Development of the Block A Gas Project

PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (MedcoEnergi) is pleased to announce the award and signature of th ...

Wednesday, 25/11/2015 WIB Extraordinary General Meeting of Shareholders of MedcoEnergi Approved The Change of Articles of Association and Composition of BOC and BOD

PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”) held an Ext ...

Tuesday, 24/11/2015 WIB MedcoEnergi Signed USD 200 Million Term Facility Agreement For Its Senoro Upstream Gas Block

PT Medco Energi Internasional Tbk, through its subsidiary PT Medco E&P Tomori Sulawesi (together called the "Company" or "MedcoE ...

Friday, 09/10/2015 WIB MedcoEnergi Acquires Lundin Indonesia Holding B.V.

We are pleased to announce that PT Medco Energi Internasional Tbk (MedcoEnergi), has signed a Sale and Purchase Agreement (“SPA”) with Lundin SEA Holding AB

Thursday, 27/08/2015 WIB MedcoEnergi Awarded Work-Safety Achievement for Kampar Block and Bawean

The Ministry of Energy and Mineral Resources (MEMR) bestowed the Award of Work Safety “Patra Nirbhaya Karya” to PT Medco Energi Internasional Tbk

Wednesday, 19/08/2015 WIB MedcoEnergi Inked Financial Agreement in Oman

PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that its subsidiary, Medco Oman LLC has inked a Financial Agreement with Alizz Islamic Bank SAOG

Tuesday, 18/08/2015 WIB MedcoEnergi Completes First Shipment of Condensate from Senoro Field

PT Medco Energi Internasional Tbk (MedcoEnergi/Company) through Joint Operating Body Pertamina Medco Tomori Sulawesi (JOB PMTS) is pleased to announce t ...

MedcoEnergi Increases Interest in Aceh Block A PSC

Jakarta, 2 May 2016 – PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (MedcoEnergi) is pleased to announce it has reached agreement to acquire Japex Block A Ltd’s 16.6667% interest in the Block A Aceh Production Sharing Contract. Completion of the transaction is conditional on the approval of the Government of Indonesia and the Government of Nangroe Aceh Darussalam. Upon completion MedcoEnergi will hold a 58.3334% operating interest in the block.

MedcoEnergi recently awarded the Engineering Procurement and Construction (EPC) contract for the Phase 1 development of the Block A gas project to a consortium of PT JGC Indonesia and PT Encona Inti Industri (JEC). First gas will commence in the first quarter 2018, when under the Gas Sales Agreement signed in January 2015 with Pertamina, MedcoEnergi will deliver 58 Billion British Thermal Units (BTU) per Day, 198 Trillion BTU over 13 years.

Roberto Lorato, CEO of MedcoEnergi, remarked, “This acquisition further underlines MedcoEnergi’s strong domestic position and our commitment to develop and monetize the resources in this block in support of the Government’s plan to develop Aceh infrastructure.”

Facts

  • The current participating interest in the block is MedcoEnergi 41.6667% (operator), KrisEnergy 41.6666%, and Japex 16.6667%.

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MedcoEnergi awarded Lematang PSC Extension

Jakarta, 28 April 2016 – PT Medco Energi Internasional Tbk (MedcoEnergi) is pleased to announce it has been awarded a 10 year extension of the Lematang Production Sharing Contract (PSC) effective April 6, 2017.

MedcoEnergi has also now completed the acquisition of Lundin’s key Indonesian PSCs, including it’s 25.8824% participating interest in Lematang PSC.  The completion occurred after receiving the required Government approvals.

The Lematang PSC is located in South Sumatra, close to the MedcoEnergi operated South Sumatra PSC. MedcoEnergi is the Operator and holds 100% participating interest through its wholly-owned subsidiaries.  Average gross daily gas production from Lematang in 2015 was 37.9 million standard cubic feet per day (mmscfd).

The signing of the 10 year extension demonstrates the Company’s ability to continue to leverage and create value from its strong domestic position. 

Roberto Lorato, CEO of MedcoEnergi said “MedcoEnergi appreciates the trust shown by the Government of Indonesia and this opportunity to continue to operate this PSC.”

Related release

9 October 2015 - MedcoEnergi Acquires Lundin Indonesia Holding B.V. 

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MedcoEnergi Announces its 2015 Financial Results

SUMMARY OF 2015 KEY PERFORMANCE

Operational

·       Average production of 55.6 MBOEPD (56.0 MBOEPD in 2014)

o    Oil Production – 31.6 MBOPD (31.6 MBOPD in 2014)

o    Gas Production – 140.5 MMSCFD (142.9 MMSCFD in 2014)

·         Senoro Gas field was placed into service, on time and on budget

·         Extension of the Karim Field Service Contract in Oman

·         GSPA signed with Pertamina for the delivery of 198 TBTU on Block A

·         GSPA signed with Perusda Mura Energi for the delivery of 8.75 TBTU in South Sumatra

·         Entered into a co-development agreement for Ijen Geothermal, and a PPA extension for Singa  power plant

Financial

·         EBITDA of US$217 million

·         Net financial impairments of US$180 million

·         Substantial reduction in cash costs and operational capex

·         Raised SG$100 million Medium Term Note and refinanced the Senoro gas plant

·         Closed 2015 with over US$450 million of cash reserves

 

Jakarta, 31 March 2016 – Today, PT Medco Energi Internasional Tbk (“MedcoEnergi” or “the Company”) released its financial statements for the year ending December 31, 2015 with a gross profit of US$208 million and US$90 million operating profit. 

 

Hilmi Panigoro, President Director of MedcoEnergi, stated, “2015 was a difficult year for the industry in general, but the Company has emerged strongly and delivered 2015 EBITDA of US$217 million despite the low price environment.   Going forward, the new Board of Directors has set out its business priorities with the intent to improve the Company’s financial performance. These priorities include further cost and capital efficiency and prioritizing reduced project cycle time in our portfolio of domestic developments. We will also continue to exercise MedcoEnergi’s strategic position in Indonesia to create value for our stakeholders through selective domestic resource acquisitions, contract extensions as well as gas sales and subcontractor renegotiations.”

 

Operational highlights in 2015

·         Oil production was stable year on year at 31.6 MBOPD, despite the turmoil in Yemen and was the result of successful efforts to mitigate natural decline in our domestic assets.  Gas sales declined slightly reflecting lower customer demand in 2015. As the Company focuses upon value, 2016 production is expected to be in the range of 55 to 60 MBOEPD.

·         Senoro gas field was placed into service, on time and on budget in July 2015. Production from Senoro continues to exceed expectations with a gross production capacity of 355 MMSCFD. Concurrently, the Donggi Senoro LNG (“DS-LNG”) plant was also successfully placed into service. Following inauguration of both the Senoro gas and DS-LNG by Joko Widodo, President of Indonesia, DS-LNG delivered its first cargo in September 2015. In 2015, the DS-LNG plant delivered 12 LNG cargoes, and MedcoEnergi expects that to more than double in 2016 with a full year of operations.

·         In July 2015, MedcoEnergi signed a 25 year extension to its Karim Small Fields service contract. The Company has operated in Oman since 2006 and the extension demonstrates Oman’s confidence in MedcoEnergi as an operator. 

·         Through its power subsidiary, the Company entered into a CSPA with Aboitiz Power of the Philippines to co-develop the 110 MW Ijen Geothermal Project, and extended the PPA for the Singa power plant in South Sumatra.

·         In January 2015, MedcoEnergi signed a gas contract with Pertamina for the long term delivery of 198 TBTU of gas from Block A.  This first phase of developments on this PSC is expected to begin production in 2018 following the recently awarded EPC contract to JEC.    

·         Also in January 2015, MedcoEnergi signed a gas contract with Perusda Mura Energi, South Sumatra for the delivery of 8.75 TBTU over 11 years. The contract will fulfil the gas needs for electricity generation in Musi Rawas regency.

 

Financial Highlights in 2015

·       2015 EBITDA was US$217 million despite an oil price decline of almost 50% whereas realized gas prices were essentially stable, reflecting the Company’s mix of oil and fixed price gas contracts. 

·        The Company booked US$180 million net financial impairments due to the low oil price.

·        Cash costs were reduced by 16%. Similarly, reduction in operational capex excluding acquisitions by 62% and in cash lifting cost 23%.  During 2016 the Company will continue to make further sustainable expenditure reductions, deferrals and where appropriate renegotiate its exploration commitments.

·     The Company raised SG$100 million in early 2015, part of an overall SG$500 million Medium Term Note program and later in the year refinanced its Senoro gas plant.

·       The Company ended the year with significant liquidity, closing 2015 with over US$450 million of cash reserves.

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MedcoEnergi Signs EPC Contract for the Development of the Block A Gas Project

Jakarta, 30 March 2016 – PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (MedcoEnergi) is pleased to announce the award and signature of the US$ 240 million Engineering Procurement and Construction (EPC) contract with the consortium of PT JGC Indonesia and PT Encona Inti Industri (JEC) for the development of the Block A gas project in Aceh.

First gas will commence in the first quarter 2018, when under the Gas Sales Agreement signed in January 2015 with Pertamina, MedcoEnergi will deliver 58 Billion British Thermal Units (BTU) per Day, 198 Trillion BTU over 13 years.

Roberto Lorato, CEO of MedcoEnergi, remarked, “This is just the first phase of our plans to develop and monetize the resources on this Block.”

The award reaffirms MedcoEnergi’s strategic position as Indonesia’s premier independent energy company, and it will make a significant contribution to both national development and the Government’s plan to develop the infrastructure of the Aceh Province.

Facts.

  • The participating interest in this project is MedcoEnergi 41.67% (operator), KrisEnergy 41.66%, and Japex 16.67%.

JEC is a consortium of PT JGC Indonesia and PT Encona Inti Industri. JGC has just completed the development of the Donggi Senoro LNG plant in Central Sulawesi, in 2015. 

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Extraordinary General Meeting of Shareholders of MedcoEnergi Approved The Change of Articles of Association and Composition of BOC and BOD

Jakarta, 25 November 2015 - PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”) held an Extraordinary General Meeting of Shareholders (“EGMS”) today whereby the majority of the shareholders approved the following: 

1. The change of the Articles of Association of the Company in accordance with the OJK (Indonesian Financial Service Authority) Rule No. 32/POJK.04/2014 regarding the Planning and Implementation of General Meetings of Shareholders. 

2. The change of the members of Board of Commissioners and Board of Directors of the Company for the period of 2015 - 2020 with following composition: 

Board of Commissioners 

President Commissioner : Muhammad Lutfi 

Commissioner : Yani Panigoro 

Commissioner : Junichi Iseda 

Commissioner : Yaser Raimi A. Panigoro 

Independent Commissioner : Marsillam Simandjuntak 

Independent Commissioner : Bambang Subianto 

Board of Directors 

President Director : Hilmi Panigoro 

Director/Chief Executive Officer (CEO) : Roberto Lorato 

Director/Chief Operating Officer (COO) : Ronald Gunawan 

Director/Chief Human Capital & 

Business Support Officer (CHCO) : Amri Siahaan 

Director/Chief Planning & Financial 

Officer (CFO)/Independent Director  : Anthony R. Mathias

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MedcoEnergi Signed USD 200 Million Term Facility Agreement For Its Senoro Upstream Gas Block

Jakarta, Tuesday, November 24, 2015 – PT Medco Energi Internasional Tbk, through its subsidiary PT Medco E&P Tomori Sulawesi (together called the "Company" or "MedcoEnergi"), has signed a Term Facility Agreement ("Agreement") on November 24, 2015 with PT Bank ANZ Indonesia (“ANZ”), PT Bank DBS Indonesia (“DBS”), PT Bank Mandiri (Persero) Tbk ("Bank Mandiri"), Standard Chartered Bank (“SCB”) and Sumitomo Mitsui Banking Corporation (“SMBC”) (collectively refer to as the “Banks”) to refinance an upstream gas operations in Senoro Field, Senoro-Toili PSC Block, Central Sulawesi (“Senoro Upstream Gas”). All those five prominent banks acted as Joint Mandated Lead Arrangers for a Term Facility (with SCB acting as Global Coordinator) in the amount of USD 200 million.

With MedcoEnergi's credit standing, the Banks were able to secure initial commitments for the Term Facility in the amount of USD 350 million. Nonetheless, MedcoEnergi opted to execute a Term Facility in the amount of USD 200 million, which demonstrated a 1.75x over subscription. Since April 2015, when the gas production facilities reached its mechanical completion, the Senoro Upstream Gas has exhibited a steady ramp up gas production and the facilities currently produces gas above its daily contractual obligation of 250 MMSCF per day. The cumulated gas production is targeted at 69,440 BBTU by end of 2015. To date, the gas has been sent to PT Donggi Senoro LNG (“DSLNG”), a joint venture company of MedcoEnergi, PT Pertamina (Persero), Mitsubishi and Kogas, for LNG production. Up to now DSLNG has shipped 9 LNG cargoes and it expects to ship a total of 12 cargoes by year end of 2015.

Lukman Mahfoedz, President Director & CEO of MedcoEnergi stated, "This Agreement indeed reflects a good standing credit reputation of the Company whereby we can still secure funding amidst the current low oil price. This refinancing will accumulatively contribute to a total of USD 600 million fund raising exercise in 2015 for the purpose of general capital investment and refinancing of MedcoEnergi’s indebtedness.” (***)

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MedcoEnergi Acquires Lundin Indonesia Holding B.V.

Jakarta, 9 October 2015 – We are pleased to announce that PT Medco Energi Internasional Tbk  (MedcoEnergi), has signed a Sale and Purchase Agreement (“SPA”) with Lundin SEA Holding AB to acquire the Indonesian operations of Lundin Indonesia Holding B.V. on Thursday, October 8, 2015. The Indonesian assets include the non-operated interest in Lematang Block and operated interests in the South Sokang and Cendrawasih VII Blocks, as well as the Joint Study Agreement (JSA) in respect of the Cendrawasih VIII Block. Completion of this transaction is conditional upon approval from the Government of Indonesia.

Lundin Indonesia Holding B.V, an affiliate of Lundin Petroleum AB (“Lundin”), a Swedish independent oil and gas exploration and production company active in Europe and Southeast Asia.  Lundin holds a 25.8824 percent participating interest in the Singa Field (Lematang PSC), a 100 percent participating interest in the Cendrawasih VII Block (Cendrawasih VII PSC), a 100 percent participating interest in the Cendrawasih VIII JSA and a 60 percent participating interest in the South Sokang Block (South Sokang PSC).

Lukman Mahfoedz, President Director & CEO of MedcoEnergi, cited, “This acquisition is in line with the Company’s goal to maximize production of Singa gas field in Lematang Block and it will contribute to MedcoEnergi’s total gas production by 42 MMSCFD in 2015. Lukman also added, “We are expecting the government endorsement for this transaction would be given within a short time since MedcoEnergi is the operator of this block. We will continue to supply gas to the State-Owned Electricity Company (PLN) with a decent price”.  

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MedcoEnergi Awarded Work-Safety Achievement for Kampar Block and Bawean

Surabaya, August 27, 2015 - The Ministry of Energy and Mineral Resources (MEMR) bestowed the Award of Work Safety “Patra Nirbhaya Karya” to PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Indonesia and PT Camar Resources Canada (together called "MedcoEnergi"). This award is given due to MedcoEnergi’s success in reaching more than 2,75 million of safe-man hours from 2012 until July 2015 in the operating Kampar Block in Riau and more than 2 million of safe-man hours from 2010 until July 2015 in the operating Bawean Block in East Java. The award ceremony was conducted today, Wednesday (26/8) in Surabaya by Director General of Oil and Gas MEMR I. Gusti Nyoman Wiratmaja Puja to Arif Rinaldi, General Manager of Indonesia West, MedcoEnergi and Dony Noerwahjono, General Manager of Camar Resources Canada.

MedcoEnergi has managed Kampar Block since 1993, a block transfer of Stanvac/Exxon. Since its operation, the Company is determined to continue to operate the field with the best quality and operating performance and continue its commitment in implementing Safety Management System, Occupational Health and Environment, known as PRIME (Performance Integrity of MedcoEnergi). PRIME is the principle of continuous improvement by implementing ISRS7 audit system which is integrated to other audit systems such as ISO 9001: 2000 (Quality Management), ISO 14001: 2004 (Environmental Management), PROPER (Performance Rating Program), OHSAS 18001: 1999 (Health and Safety), PAS 55: 2004 (Asset Management) and the Global Reporting Initiative 2002 (Corporate Social Responsibility).

An achievement of more than 4 years without lost time incident is a difficult accomplishment without the full support and commitment from all levels of workers and contractors in Kampar Block. Erri Setiawan, Indonesia West, Area Project Manager, MedcoEnergi admitted that commitment is achieved through hard effort. Some of which included regular monitoring and evaluation of work safety, starting with the implementation safety talks before carrying out work, traffic evaluation (discussion of potential for vehicle related accidents), the implementation of safety meetings and area safety meetings. "At every one of those meetings, we discuss and analyze the potential for work-related accidents. The award was also given to the workers who have done the job safely, beyond what is required and able to transmit the culture of safety and health in the Company," said Erri.

Meanwhile, Dony Noerwahjono said Bawean Block is an offshore block owned by MedcoEnergi that require an extra degree of caution. Discipline and consistency of the workers in applying the rules of health and work safety should be carried out more carefully because offshore work has unique requirements that must be met, including the need to have a special certificate of sea survival, and offshore production operator certification. "Rules applied in the offshore are very tight. All must obey the rules implemented, whether it is before work, during work, or after work, despite the high level of saturation. Safety issues are the priority and if we run it well, performance in other areas will follow," said Dony.

President Director and CEO of MedcoEnergi, Lukman Mahfoedz is very proud of this achievement. "This award demonstrates MedcoEnergi’s commitment in ensuring the safety of the workers and contractors in operating the field. For Kampar Block, this achievement is another success after holding the Green PROPER award for five consecutive years, awarded by  the Ministry of Environment and Forestry in recognition of concern for the environment and local community empowerment," said the CEO of MedcoEnergi.

Lukman also added, “The workers’ efforts in Kampar Block, which are wholly comprised of our countrymen, has managed to arrest the rate of natural decline in oil production. Since late 2013, MedcoEnergi has managed the temporary management as the contract agreement will be transferred to Pertamina at the end of 2015. However, the Company remains willing to operate Kampar Block to the best quality and operating performance and maintain the current production range of 1,400 BOPD, contributing revenues amount of US$37 million to the Government in 2014. We are also ready to cooperate with Pertamina and local governments to manage this block together into the future."(***)

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MedcoEnergi Inked Financial Agreement in Oman

Jakarta, 19 August 2015 - PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that its subsidiary, Medco Oman LLC (altogether called the “Company”) has inked a Financial Agreement with Alizz Islamic Bank SAOG through a Bank Guarantee on Wednesday (19/8) in Oman. Through this agreement, Alizz Islamic Bank defines the Bank Guarantee to MedcoEnergi to support Karim Small Fields (KSF) operation activity in Oman.

The signing of the agreement by Mr. Salaam Al Shaksy, CEO of Alizz Islamic Bank, and Mr. Lukman Ahmad Mahfoedz, President Director and CEO of PT Medco Energi Internasional Tbk, took place at Alizz Bank’s headquarters in Oman. The signing ceremony was also attended by Mr. Ehab Hashish, DGM-Head of Wholesale Banking of Alizz Islamic Bank,  Mr. Faiz Shahab, Director of International E&P Operation and New Venture of MedcoEnergi, and Mr. Ahmad Syaifudin, Resident Vice President for MENA Countries of MedcoEnergi.

Commenting on the Bank’s support for a key segment of the Sultanate’s economy, Mr. Salaam Al Shaksy, said “We are very optimistic and looking forward to working with MedcoEnergi as a partner for their success in providing energy in this country”.

Mr. Lukman Ahmad Mahfoedz, President Director & CEO MedcoEnergi, cited that, “The relatively short time required to reach conclusion as well as an agreeable competitive rate demonstrates our commitment to continuously optimize our efforts in enhancing Oman’s In-Country Value, among which is by cooperating with Alizz Bank, a local bank in Oman, to contribute continuously to the State of Oman and strengthen the Company's portfolio in the Middle East. MedcoEnergi will also continue to strengthen cooperation with the Government of Oman and PDO in the next 25 years to find new oil and gas reserves while maintaining safety in our operation. We look forward to working together with Alizz Islamic Bank, not only for KSF but also for other opportunities in the future.”

Previously, PT Medco Energi Internasional Tbk through its subsidiary, Medco Oman LLC has signed an Amendment of the Karim Small Fields Agreement (“KSF Amendment”) with Petroleum Development of Oman on April 2015. The amended KSF Contract defined several favorable key terms including, among others, an additional 25 years of operations by the Company (and its Partners), improved commercial terms, and bigger exploration opportunities to find new hydrocarbon. This additional 25-year contract period demonstrates and affirms our achievement in the last nine years through diligent and successful operations in KSF by doubling the production and contributing revenues of more than US$4.6 billion in revenues to the Government of Oman amounting to date.(***)

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MedcoEnergi Completes First Shipment of Condensate from Senoro Field

Banggai, 18 August 2015 – PT Medco Energi Internasional Tbk (MedcoEnergi/Company) through Joint Operating Body Pertamina Medco Tomori Sulawesi (JOB PMTS) is pleased to announce that it has completed its first shipment of condensate from Senoro Gas Upstream Production Facility. The condensate cargo was sold on a FOB (Free On Board) Delivery Point basis, where the buyer would responsible for the cost of transporting the condensate. This first lifting is MedcoEnergi’s portion as one of the shareholder of JOB-PMTS, and the next shipments will be allocated for Pertamina Hulu Energi (PHE) and Government’s portion.

The tanker carrying 210,000 barrels of condensate, the Nord Snow Queen, start loading on August 16th 2015 about 05.00 p.m. and left the Senoro Marine Terminal about 02:00 a.m. on August 18, 2015.

Lukman Mahfoedz, CEO and President Director of MedcoEnergi cited, "Today's announcement marks an important milestone in MedcoEnergi’s growth strategy. This shipment is also a testament to the Company’s success in completing the last phase of important commercial aspect of this project. Thereof, we are hoping that the Government of Indonesia would provide more opportunities for National Companies to continue developing energy in Indonesia in the future."

About JOB-PMTS

Senoro Upstream Gas Production Facility is operated by the Joint Operating Body Pertamina - Medco E&P Tomori Sulawesi (JOB-PMTS) which comprises of MedcoEnergi (30%), PT Pertamina (50%), and Tomori E&P Ltd (20%). The project was pioneered by MedcoEnergi after acquiring JOB Senoro Tomori block in 2000. Until 2005, MedcoEnergi endeavored to develop this gas field, which has about 1.9 TCF of gas reserves, but in a remote location far from any gas infrastructure or gas market. Total investment of the upstream Senoro is US$1.2 billion. The Senoro Upstream Facility has two Trains of production facility with a total production capacity up to 310 million standard cubic feet per day (MMSCFD) of gas and 8,500 barrel per day (bpd) of condensate.(***)

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