1945 - 2022

Dr. HC. Ir. H. Arifin Panigoro bin Yusuf Panigoro

Medco Group Founder



It is with heavy heart that we announce the passing of our Company's Founder. He was a prominent and visionary figure of inspiration to us and to the Company. Not only he was passionate in what he did, he was also a dedicated man of honor to the nation and the country. May his legacy always live in the Company's soul and activities.

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Further Expansion

Corridor, South Sumatra, Indonesia

An onshore PSC with two producing oil fields and seven producing gas fields located in South Sumatra, Indonesia, adjacent to MedcoEnergi’s existing operations in South Sumatra. The acquisition will provide synergies with its Sumatra operations and further support its Climate Change Strategy, including carbon capture opportunities.

Gas to Power Portfolio with Lower Carbon

Combined Cycle Power Plant, Riau, Indonesia

The 275 MW Riau Combined Cycle Power Plant (CCPP) is part of the National Strategic Projects, which has been connected to the Sumatra power system and will strengthen its power reliability as well as reduce greenhouse gas emission intensity, particularly in Riau province and Central part of Sumatra.

ESG and Energy Transition

MedcoEnergi’s Climate Change Strategy and its ESG Commitments

Oxford Business Group has recently highlighted MedcoEnergi’s Climate Change Strategy and its long record of strong Environmental, Social & Governance (ESG) performance

World-class offshore operations

South Natuna Sea Block B, Riau, Indonesia

An offshore PSC located in the South Natuna Sea with a large hydrocarbon base and best in class Health, Safety, and Environmental records. With the asset integration into MedcoEnergi’s portfolio through acquisition, it will enhance the Company’s capabilities and scale as a world class offshore operating Oil and Gas Company.

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 with Pertamina for over US$ 2 billion in value, monetizing 200 BCF reserves from the Block A Production Sharing Contract in Aceh Province, Indonesia. 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.

Bringing Back Indonesia’s Strategic Assets from Newmont

Amman Mineral Nusa Tenggara, West Sumbawa, Indonesia

The acquisition of this asset marks a monumental milestone for MedcoEnergi and our stakeholders including the Indonesian government. We commit to maintain the world-class standards of safety, environmental stewardship and social responsibility, as well as high quality workforce.

Stock

17/05/2022
MEDC-IDX
(IDR)
560
Market Cap
(Trilion IDR)
14.1
Volume
(lot)
324,777

Whistleblower

Ensuring MedcoEnergi is a safe, fair and honest place to work.
Thursday, 12/05/2022 WIB Minister of EMR Inaugurates Riau CCPP 275 MW

Minister of EMR Arifin Tasrif inaugurated a 275 MW gas-fired Combined Cyle Power Plant located in the Tenayan Raya industrial complex, Pekanbaru, Riau

Tuesday, 08/03/2022 WIB Funeral Process For The Late Bapak Arifin Panigoro Conducted Reverently

The remains of the late Bapak Arifin Panigoro have been buried on Tuesday, 8 March 2022 at 11.00 am in the family cemetery in Jakarta.

Thursday, 03/03/2022 WIB MedcoEnergi Completes Acquisition of ConocoPhillips Indonesia Assets

MedcoEnergi announces the successful completion of the acquisition of the entire share capital of ConocoPhillips Indonesia Holding Ltd.

Monday, 14/02/2022 WIB Medco Power Commenced Commercial Operation of Riau 275 MW CCPP

PT Medco Power Indonesia has successfully reached the commercial operation of the 275 MW Riau Combined Cycle Power Plant

Monday, 20/12/2021 WIB MedcoEnergi Announces Nine-Month 2021 Results

MedcoEnergi announces its consolidated financial statements for the period ended 30 September 2021

Wednesday, 08/12/2021 WIB MedcoEnergi announces agreement to acquire ConocoPhillips Indonesian Assets

MedcoEnergi has entered into an agreement to acquire the entire issued share capital of ConocoPhillips Indonesia Holding Ltd.

Monday, 29/11/2021 WIB Medco E&P Granted Extension to Manage Senoro-Toili Block

MedcoEnergi have been granted by the Government a 20 years extension on the Senoro-Toili Working Area

Thursday, 04/11/2021 WIB MedcoEnergi Issues a US$400 Million Bond

MedcoEnergi is pleased to announce the successful issuance of a seven-year tenor 144A/Reg S US$400 million bond with a 6.95% coupon

Tuesday, 26/10/2021 WIB MedcoEnergi Announces Audited First Half 2021 Results

MedcoEnergi announces its audited consolidated financial statements for the period ended 30 June 2021

Thursday, 26/08/2021 WIB MedcoEnergi Results of Annual General Meeting of Shareholders

MedcoEnergi held its Annual General Meeting Shareholders (AGMS) on August 26, 2021.

Minister of EMR Inaugurates Riau CCPP 275 MW

Minister of EMR Inaugurates Riau CCPP 275 MW

Pekanbaru, 12 May 2022 – Minister of Energy and Mineral Resources (EMR) Arifin Tasrif inaugurated a 275 MW gas-fired Combined Cyle Power Plant (CCPP) located in the Tenayan Raya industrial complex, Pekanbaru, Riau on Thursday (12/5). Riau CCPP is owned and operated by PT Medco Ratch Power Riau (MRPR), a joint venture between PT Medco Power Indonesia and Ratch Group. PT MRPR has been operating the Riau CCPP commercially since February 2022.

The inauguration ceremony was also attended by President Director of PT PLN Persero, Darmawan Prasodjo, Deputy Governor of Riau Province Edy Natar Nasution, President Director of PT Medco Energi Internasional Tbk, Hilmi Panigoro and President Director of PT Medco Power Indonesia Eka Satria.

President Director of Medco Power Eka Satria in his speech said, “With a combined cycle engine based on the latest technology, the Riau CCPP produces electricity that is efficient, environmentally friendly and meets international standards for exhaust emissions and environmental quality management. The completion of the Riau CCPP project demonstrates Medco Power's commitment to supporting the Government's program in developing electricity mega-project infrastructure, as well as developing our gas to power business portfolio in a sustainable manner”.

Meanwhile, MedcoEnergi President Director Hilmi Panigoro said, “The Riau CCPP is part of our commitment to providing clean and environmentally friendly energy. This project is also in line with MedcoEnergi's commitment to achieve Net Zero emissions for Scope 1 and Scope 2 by 2050 and Scope 3 by 2060 and supports the Government's energy transition program.”

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Funeral Process For The Late Bapak Arifin Panigoro Conducted Reverently

Jakarta, 8 March 2022 - The remains of the late Bapak Arifin Panigoro have been buried on Tuesday, 8 March 2022 at 11.00 am in the family cemetery in Jakarta. The state funeral was witnessed by his extended families, colleagues, and public figures and also by his fellow Medco Group employees through live streaming.

The funeral ceremony was led by the State Secretary of Indonesia, Prof. Dr. Drs. Pratikno, M.Soc.Sc. after the departed had been ceremoniously handed over by the President Commissioner of PT Medco Energi Internasional Tbk (MedcoEnergi), Ibu Yani Panigoro. During the funeral service speech, Bapak Yaser Raimi A. Panigoro, Commissioner of MedcoEnergi and representative of the family, expressed his gratitude to all who had supported the departed since he left for Rochester, USA, to receive medical treatment, the return of his remains to Indonesia, until his funeral procession.

Raimi also shared his last impression of the departed on how persistently he was on fighting and dedicating himself in various fields until his passing. "As spoken in his scholarly oration when he received his honoris causa doctorate: With all of my love until the end of my life, I solemnly vow from the deepest of my heart, my body and all that is mine, I will present to you, oh My Country," explained Raimi, repeating the departed’s speech.

As reported earlier, the Founder of Medco Group, the late Bapak Arifin Panigoro passed away on Monday, 28 February 2022 in Rochester, USA after receiving intensive care at the local hospital. Bapak Arifin Panigoro, born in Bandung on 14 March 1945, was the founder and owner of Medco Group which was established in Indonesia in 1980. He was a prominent and visionary figure and involved actively in various social activities. Not only was he passionate to the Company, he was also a dedicated man of honour both to the nation and its people. (***)

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MedcoEnergi Completes Acquisition of ConocoPhillips Indonesia Assets

Jakarta, 3 March 2022 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) announces the successful completion of the acquisition of the entire share capital of ConocoPhillips Indonesia Holding Ltd. (“CIHL”) from Phillips International Investments Inc., a subsidiary of ConocoPhillips Company (“COP”).

CIHL wholly owns ConocoPhillips (Grissik) Ltd (“CPGL”), the Operator of the Corridor PSC with a 54% working interest and a 35% interest in Transasia Pipeline Company Pvt. Ltd. (“Transasia”).

The Corridor PSC has two producing oil fields and seven producing gas fields located onshore South Sumatra, Indonesia, adjacent to MedcoEnergi’s existing operations in South Sumatra. The majority of production is sold under long-term gas contracts to high quality Indonesian and Singapore counterparties. Through Transasia, MedcoEnergi now owns a minority interest in the gas pipeline network supplying Central Sumatra, Batam, and Singapore customers.

The acquisition of ConocoPhillips Indonesian Assets fits with the Company’s strategy of owning and developing high quality and cash flow generating assets. It strengthens MedcoEnergi’s position as Indonesia’s leading independent energy and natural resources company and reaffirms the Company’s commitment to Indonesia’s national development. The acquisition will also provide synergies with its Sumatra operations and further support its Climate Change Strategy, including carbon capture opportunities.

 

2022 Full Year Guidance 

Post Transaction, MedcoEnergi 2022 pro forma guidance will be as follows: 

    • Oil & Gas production 155 mboepd
    • Power sales 3,500 GWh
    • Oil & Gas unit cash costs below US$10/boe
    • Capital expenditures for Oil & Gas US$275 million and Power US$50 million

 

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Medco Power Commenced Commercial Operation of Riau 275 MW CCPP

Jakarta, 14 February 2022 – PT Medco Power Indonesia (Medco Power) through its subsidiary, PT Medco Ratch Power Riau, a joint venture with the RATCH Group Public Company Limited, has successfully reached the commercial operation of the 275 MW Riau Combined Cycle Power Plant (CCPP). This CCPP is part of the National Strategic Projects, which has been connected to the Sumatra power system and will strengthen its power reliability as well as reduce greenhouse gas emission intensity, particularly in Riau province and Central part of Sumatra.

Riau CCPP is a gas-fired combined cycle utilizing the latest technology, it is expected to have high efficiency and to meet the international environment quality management standards. The overall investment amounted to USD 290 million. The project sponsors have collaborated with international financial institutions such as: Asian Development Bank, International Finance Corporation, MUFG Bank and Sumitomo Mitsui Banking Corporation. Riau CCPP received awards on Gas Power Project and Natural Gas-Fired Power Project categories from the Asian Power magazine.

President Director of Medco Power, Eka Satria said, “The completion of Riau CCPP project demonstrates Medco Power commitment in supporting the Indonesian Government social and economic development programs, while expanding our gas to power business portfolio. I am also proud that we delivered this important project successfully and safely, Riau CCPP has recorded 8.6 million safe man hours.”

MedcoEnergi CEO, Roberto Lorato, said “I am very pleased that Riau CCPP has reached commercial operation safely and overcome Covid-19 pandemic challenges. Riau CCPP is part of our strategy to expand our lower carbon portfolio and to reach Net Zero for Scope 1 and Scope 2 emissions by 2050 and Scope 3 by 2060, supporting the Government’s energy transition ambitions”.

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MedcoEnergi Announces Nine-Month 2021 Results

Summary Results

 Financial

  • EBITDA US$508 million
  • Gross Profit US$376 million
  • Net Debt to EBITDA1 2.9x
  • Strong liquidity with cash and cash equivalents US$548 million

 Operational

  • Oil and gas production 93 mboepd
  • Medco Power generated sales of 2,011 GWh
  • Oil and gas cash production costs US$9.3 per boe
  • Capex expenditures US$53 million

Jakarta, 20 December 2021 – PT Medco Energi Internasional Tbk2 (“MedcoEnergi”) announces its results for the period ended September 30, 2021 (“9M-2021”).

Roberto Lorato, CEO, said “I am pleased to report another period of improved results. Commodity prices remain volatile, but still at a comfortable level and domestic gas demand continues to recover after Covid induced economic lockdowns. The proposed acquisition of ConocoPhillips Indonesian Assets will strengthen MedcoEnergi’s position in South East Asia, provide synergies with our Sumatra operations and further support our Climate Change Strategy.”

Financial Highlights

  • EBITDA was US$508 million, a 25% increase year-on-year, mainly due to recovering commodity prices. The average sales price for oil was US$64/bbl, 62% higher year-on-year (US$39/bbl) and weighted average gas sales prices were US$6.3/mmbtu, 23% higher year-on-year (US$5.1/mmbtu).
  • EBITDA in the third quarter was US$190 million, improving from second quarter as both price and demand recover and production gradually ramps up post economic lockdowns. 
  • Net Profit was US$56 million. All three business segments reported profit with Oil and Gas US$140 million, Power US$21 million and Amman Mineral Nusa Tenggara (AMNT) US$48 million offset by headquarter and financing charges.
  • Capital expenditures of US$53 million is ramping up as demand recovers, but full year Capex will be below the Company’s 2021 guidance.
  • Cash and cash equivalents were US$548 million.  Consolidated debt was US$2.6 billion, down 10% from 9M-2020. Restricted group debt3 was US$2.2 billion, down US$305 million year-on-year.  Net Debt3 was US$1.8 billion and Net Debt to EBITDA1 2.9x.

Operational Highlights

Oil and Gas

  • Oil and gas production was 93 mboepd, down 7% from 9M-2020 following extended downtime in the second quarter and low domestic gas demand during Indonesia’s economic lockdowns.  Oil and gas production costs were US$9.3 per boe.
  • Oil and Gas capital expenditure of US$31 million was spent to progress several oil and gas development projects in the South Natuna Sea Block B PSC.  Work on these developments will continue into 2022 with first gas on the Hiu field expected in 2Q-22, first gas on Belida Extension Project in 4Q-22 and first oil on the Forel field and gas on Bronang field expected in 4Q-23.
  • MedcoEnergi secured a 20 year PSC extension for the Senoro-Toili Block (Senoro) effective from December 2027.
  • MedcoEnergi won seven awards in finance, planning, procurement control and operations from SKK Migas during the recent 2nd International Convention on Oil & Gas (IOG) 2021 held in Bali.

Medco Power

  • Medco Power generated sales of 2,011 GWh, approximately 32% from renewable sources. Power sales were flat year-on-year, due to improving steam performance at Sarulla geothermal offset by lower electricity demand in Batam during the recent economic lockdowns.
  • Power capital expenditure was spent finalizing the commissioning the 275MW Riau IPP, construction of the 26MWp PV facility in Sumbawa and the 30MW Phase-1 geothermal development at Ijen.

AMNT

  • AMNT produced 163 Mlbs of copper and 95 Kozs of gold.  Pit ore mining from Phase 7 is continuing as is the development of Phase 8. 
  • AMNT won two awards from the Indonesian Ministry of Energy and Mineral Resources for innovation in environmental management and mineral conservation.
  • AMNT signed contracts for the development of its smelter and precious metal refinery with the China Non-ferrous Metal Industry’s Foreign Engineering and Construction and PT Pengembangan Industri Logam.

 

 

2021 and 2022 Full Year Guidance 

2021 Full Year Guidance:

  • Oil & Gas production 94 – 95 mboepd  
  • Power sales 2,700 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures for Oil & Gas US$150 million and Power US$65 million

2022 Full Year Guidance*: 

  • Oil & Gas production 155 mboepd 
  • Power sales 3,500 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures for Oil & Gas US$275 million and Power US$50 million

* 2022 Guidance includes Corridor

 

 

Hilmi Panigoro, President Director, said “I am pleased to see our improved performance and the support of our stakeholders for the extension of Senoro-Toili PSC.  The acquisition of Corridor now strengthens MedcoEnergi’s position as Indonesia’s leading independent energy and natural resources company and reaffirms our commitment to national development.”


1Annualized and excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
2PT Medco Energi Internasional Tbk (“MedcoEnergi”, “Medco” or “Company”)
3Excluding Medco Power
 

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MedcoEnergi announces agreement to acquire ConocoPhillips Indonesian Assets

Jakarta, 8 December 2021 – PT Medco Energi Internasional Tbk (“MedcoEnergi" or the “Company”) is pleased to announce that the Company has entered into an agreement to acquire the entire issued share capital of ConocoPhillips Indonesia Holding Ltd. (“CIHL”) from Phillips International Investment Inc., a subsidiary of ConocoPhillips (“COP”) (the “Transaction”).

CIHL holds a 100% interest in ConocoPhillips (Grissik) Ltd (“CPGL”) and a 35% interest in Transasia Pipeline Company Pvt. Ltd. (“Transasia”).  CPGL is the Operator of the Corridor PSC with a 54% working interest.

The Corridor PSC has two producing oil fields and seven producing gas fields located onshore South Sumatra, Indonesia. The majority of production is gas sold under long-term contracts to high quality Indonesian and Singapore counterparties. Through Transasia, MedcoEnergi will own a minority interest in the gas pipeline network supplying Central Sumatra, Batam, and Singapore customers. Post Transaction, MedcoEnergi 2022 pro forma guidance will be oil & gas production of 155 mboepd, with capital expenditures of US$275 million and unit cash costs below US$10/boe.

Roberto Lorato, CEO, said that, “This transaction builds on MedcoEnergi’s track record of accretive acquisitions and fits well with our Climate Change Strategy. The acquisition further strengthens MedcoEnergi’s footprint in Southeast Asia and will generate significant synergies with our Sumatra operations. We look forward to welcoming Corridor’s high quality workforce into MedcoEnergi group.”

The Transaction is expected to complete in Q1 2022, subject to customary conditions and shareholders’ approval at an Extraordinary General Meeting of Shareholders (“EGMS”) which will be convened in due course. 

Hilmi Panigoro, President Director said that, “The acquisition of Corridor fits with our strategy of owning and developing high quality, cash flow generative assets.  As for all our operations we are committed to maintaining high standards in safety, environmental stewardship and social responsibility. The acquisition of Corridor strengthens MedcoEnergi’s position as Indonesia’s leading independent energy and natural resources company, and reaffirms our commitment to national development.”

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Medco E&P Granted Extension to Manage Senoro-Toili Block

Jakarta, 29 November 2021 - PT Medco E&P Tomori Sulawesi (Medco E&P) together with PT Pertamina Hulu Energi Tomori Sulawesi (PHE Tomori Sulawesi) and the Tomori E&P Limited (TEL) as the Contractors (KKKS) have been granted by the Government a 20 years extension on the Senoro-Toili Working Area. The extension will be effective from December 2027. The Working Area is located in Central Sulawesi and has been supplying gas since 2015 to PT Donggi Senoro LNG (DSLNG), Ammonia Plant PT Panca Amara Utama (PAU) and PT Perusahaan Listrik Negara (Persero) (PLN).

The development of the Senoro Toili Working Area will continue with the development of the South Senoro field, expected to be completed in 2025, as well as new exploration activities.

“Medco E&P is thankful for the trust and support from the Government to continue the management of the Senoro-Toili Working Area and for the good cooperation with PHE Tomori Sulawesi and TEL. The Company continues its commitment to meet the production targets set by the Government and to support the industries as well as the communities in the areas surrounding its operations through community empowerment programs," stated Medco E&P's President Director Ronald Gunawan.

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MedcoEnergi Issues a US$400 Million Bond

Jakarta, 4 November 2021 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) is pleased to announce the successful issuance of a seven-year tenor 144A/Reg S US$400 million bond with a 6.95% coupon.

The Company’s credit ratings affirmed B+ from Fitch, B+ from S&P and B1 from Moody’s. The Company will use net proceeds to refinance existing indebtedness and/or to support its growth agenda.

The Company recently published its Climate Change Strategy aimed at reaching Net Zero for Scope 1 and Scope 2 emissions by 2050, and Scope 3 by 2060. Our Climate Change Strategy reinforces our continuous commitment towards long term sustainability goals.

Hilmi Panigoro, the President Director of MedcoEnergi said “We are pleased with the final outcome of the bond issuance, the strong support from international and domestic bond investors reflects the Company’s record of consistent delivery of our commitments, our operational performance and deleveraging plans. With the improving of commodity prices and energy demand we look forward to continuing on our path of sustainable growth”.

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MedcoEnergi Announces Audited First Half 2021 Results

Summary Results

 Financial

  • EBITDA US$318 million
  • Gross Profit US$234 million
  • Net Debt to EBITDA2 3.1x
  • Strong liquidity with cash and cash equivalents US$551 million

 Operational

  • Oil and gas production 94 mboepd
  • Medco Power generated sales of 1,355 GWh
  • Oil and gas cash production costs US$9.6 per boe
  • Capex expenditures US$28 million

Jakarta, 26 October 2021 – PT Medco Energi Internasional Tbk1 announced its audited results for the period ended June 30, 2021 (“1H-2021”).

Roberto Lorato, CEO, said “I am pleased to report improving first half results. Prices in the second half of 2021 have continued to improve and domestic gas demand is beginning to recover after Indonesia’s economic lockdowns. We have now published our Climate Change Strategy with the initial actions to reach Net Zero for Scope 1 and Scope 2 emissions by 2050, and Scope 3 by 2060."

Financial Highlights

  • EBITDA 1H-2021 was US$318 million, a 15% increase year-on-year, mainly due to recovering commodity prices. Oil prices were US$62.3/bbl, 61% higher year-on-year (US$38.7/bbl) and weighted average gas prices were US$5.9/mmbtu, 8% higher year-on-year (US$5.4/mmbtu).
  • EBITDA in the second quarter 2021 was US$159million, slightly below first quarter EBITDA despite higher oil prices due to unplanned downtime and the associated costs in our international and Aceh assets.
  • Net Profit in 1H-2021 was US$46.5 million. All three business segments reported profit with Oil & Gas US$88 million, Power US$22 million and Amman Mineral Nusa Tenggara (AMNT) US$33 million as Phase 7 performance continues to ramp up and were offset by headquarters and financing charges.
  • Capital expenditures were US$28 million consistent with the lower activity during COVID-19 restriction in 1H-2021. Expenditure will increase in the second half but full-year capital expenditure will remain inside the Company’s 2021 guidance.
  • Cash and cash equivalents at 1H-21 were US$551 million. Consolidated debt was US$2.6 billion, down 14% from 1H-2020. Restricted group3 debt was US$2.2 billion, down US$$442 million year-on-year with Net Debt3 US$1.8 billion and Net Debt to EBITDA1 3.1x.
  • The Company will continue to proactively manage its liabilities and deleverage quarter on quarter. All 2021 and 2022 IDR Bonds maturities, US$123 million are secured in escrow.

Operational Highlights

Oil and Gas

  • Oil & Gas production was 94 mboepd, down 7% from 1H-2020 due to maintenance and unplanned downtime, with domestic gas demand continuing to be subdued during Indonesia’s second quarter COVID lockdowns. Oil & Gas production cost per unit was US$9.6 per boe.
  • Oil & Gas capital expenditure was spent progressing several Oil & Gas development projects in the South Natuna Sea Block B PSC. These developments will continue into 2022 with first gas on the Hiu field expected in 2Q-2022, first gas on Belida Extension Project in 4Q-2022 and first oil on the Forel field and gas on Bronang field expected in 4Q-2023.

Medco Power

  • Medco Power generated sales of 1,355 GWh in 1H-2021 with approximately 33% from renewable sources. Power sales rose by 19% year-on-year, mainly due to improving steam performance at Sarulla Geothermal offset by lower electricity demand in Batam during local lockdowns.
  • Power capital expenditure was spent to continue commissioning the 275 MW Riau IPP, construction of the 26 MWp PV facility in Sumbawa and the 30 MW Phase-1 geothermal development at Ijen.
  • Medco Power announced that with a consortium it will develop a 100 MW pilot Solar Power Import Project with an installed generation capacity of 670 MWp from Indonesia to Singapore at Bulan Island, Kepulauan Riau Province following the award of an in-principle import license from Singapore’s Energy Market Authority.

 AMNT

  • AMNT produced 103.1 Mlbs of copper and 55 Koz of gold. Pit ore mining from Phase 7 is continuing as is the development of Phase 8.
  • AMNT won two Mining Practice Awards from the Indonesian Energy and Mineral Resources Ministry for its contribution to the environmental and conservation management.

2021 Full Year Guidance

 Company 2021 guidance:

  • Oil & Gas production 95 mboepd
  • Power sales 3,000 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$150 million and Power US$65 million

 

Hilmi Panigoro, President Director, said “I am pleased to see our improved performance. The announcement of the Bulan Island Solar Power Project is another step towards our Climate Change Strategy and I fully endorse MedcoEnergi's commitment to achieve Net Zero by 2050.”


1Annualized and excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
2PT Medco Energi Internasional Tbk (“MedcoEnergi”, “Medco” or “Company”)
3Excluding Medco Power
 

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MedcoEnergi Results of Annual General Meeting of Shareholders

Jakarta, 26 August 2021 – PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") held its Annual General Meeting of Shareholders (AGMS) on August 26, 2021.

As well as the customary AGMS agenda items, shareholders approved resolutions for a Pre-Emptive Rights Issue and a new issue of USD Notes, both to support the Company’s growth agenda. Shareholders also approved the appointment of Ibu Yani Panigoro as Chair of the Company’s Board of Commissioners.

Hilmi Panigoro, President Director of MedcoEnergi said, "We weathered a challenging year with discipline, resilience and flexibility. The Board of Directors greatly appreciates the trust and confidence of MedcoEnergi shareholders, lenders and other stakeholders and extends its gratitude to the Board of Commissioners for their supervision and guidance.”

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