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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ESG, Climate Change Strategy and Energy Transition

MedcoEnergi’s Climate Change Strategy and its ESG Commitments

MedcoEnergi continues to improve its Environmental, Social & Governance (ESG) performance and has issued its Net Zero Emissions aspirations and interim emission reduction targets. Our performance has been recognized by leading ESG Rating Agencies and CDP with a continued improving trend from year to year.

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.

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

24/09/2023
MEDC-IDX
(IDR)
1,600
Market Cap
(Trilion IDR)
40.2
Volume
(lot)
2,424,414

Whistleblower

Ensuring MedcoEnergi is a safe, fair and honest place to work.
Monday, 11/09/2023 WIB Pacific Medco Solar Energy Consortium Granted Conditional Award for 600MW Solar

MedcoEnergi announced that it was granted a conditional award for a 600MW solar project.

Tuesday, 25/07/2023 WIB MedcoEnergi Awarded Beluga Oil and Gas Block

The Indonesian government has awarded the Beluga Block oil and gas working area to MedcoEnergi

Wednesday, 12/07/2023 WIB Medco Power Supports The Acceleration Of The Energy Transition Towards Net Zero Emissions

Medco Power plays active role in the process of accelerating the energy transition towards Net Zero Emission in Indonesia

Wednesday, 31/05/2023 WIB MedcoEnergi Results of Annual General Meeting of Shareholders

MedcoEnergi held its Annual General Meeting Shareholders (AGMS) on May 31, 2023

Monday, 22/05/2023 WIB MedcoEnergi Announces First Quarter 2023 Results

PT Medco Energi Internasional Tbk announces its unaudited First Quarter 2022 results.

Friday, 31/03/2023 WIB MedcoEnergi Announces Full Year 2022 Audited Results

MedcoEnergi Announces Full Year 2022 Audited Results

Tuesday, 20/12/2022 WIB Prof. Dr. Subroto, Advisor to the Medco Group, Passed Away

Prof. Dr. Subroto, Advisor to the Medco Group, passed away on Tuesday, December 20 at 16.25 WIB in Jakarta.

Wednesday, 30/11/2022 WIB MedcoEnergi Announces Nine-Month 2022 Results

PT Medco Energi Internasional Tbk announces its 2022 nine months financial results.

Monday, 22/08/2022 WIB MedcoEnergi Announces First Half 2022 Results

PT Medco Energi Internasional Tbk announces its unaudited First Half 2022 results.

Tuesday, 09/08/2022 WIB MedcoEnergi Announces Distribution of Interim Dividend

PT Medco Energi Internasional Tbk ("MedcoEnergi") Announces an interim dividend for 2022.

Pacific Medco Solar Energy Consortium Granted Conditional Award for 600MW Solar

Jakarta, September 11th, 2023 – PT Medco Energi Internasional Tbk (MedcoEnergi) is pleased to announce that on Friday, September 8th, 2023, its wholly owned subsidiary Medco Power Global and its consortium partners PacificLight Renewables Pte Ltd and Gallant Venture Ltd were granted by the Energy Market Authority (EMA) of Singapore a Conditional Award for a 600MW solar project.

The project will install over 2,000MWp of solar PV and 500MW of battery storage and is expected to be completed by 2028. It will play an important role in Singapore’s energy transition to a low carbon future and will contribute to the development of the renewable energy sector in Indonesia through investment by international solar PV and BESS manufacturers.

Mr. Hilmi Panigoro, President Director of MedcoEnergi commented “The Bulan Solar Project represents a model of cooperation between Indonesia and Singapore, which will promote the development of the renewables energy sector and the local PV and BESS manufacturing in Indonesia. I am very pleased that through Medco Power we will contribute to a more sustainable and prosperous future for both countries”.

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MedcoEnergi Awarded Beluga Oil and Gas Block

Jakarta, 25 July 2023 – The Indonesian government, through the Ministry of Energy and Mineral Resources (MEMR) has awarded the Beluga Block oil and gas working area to PT Medco Energi Internasional Tbk (MedcoEnergi). The announcement was made at the 47th Indonesia Petroleum Association Conference and Expo at Indonesia Convention Exhibition, BSD City, Tuesday (25/7).

MedcoEnergi will  pay  a signature bonus of USD100,000 and implement a firm work commitment of USD8 million over the next three years. Beluga is located near to MedcoEnergi’s existing Operated, South Natuna Sea Block B PSC which would allow a rapid monetization of the Beluga resources through the existing infrastructure.

Ronald Gunawan, Chief Operating Officer of MedcoEnergi said “MedcoEnergi appreciates the trust shown by the Government of Indonesia and the opportunity to develop this new PSC.”

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Medco Power Supports The Acceleration Of The Energy Transition Towards Net Zero Emissions

Jakarta, July 12th, 2023 – PT Medco Power Indonesia (“Medco Power”) plays active role in the process of accelerating the energy transition towards Net Zero Emission in Indonesia. Medco Power is participating in the 11th Indonesia EBTKE ConEx, 12-14 July 2023, a conferences and exhibitions held by Indonesia Renewables Energy Society aims to highlight the importance of increasing clean and sustainable energy in Indonesia’s energy mix and establish a national baseline to assess Indonesia’s progress in planning and achieving its Net Zero Emission target in 2060.

During the Indonesia EBTKE ConEx 2023, Medco Power signed a few joint studies agreements regarding implementation of Solar PV for MedcoEnergi Group and Data Center in Batam with PT PLN Persero, mutual interest in geothermal areas in Sumatra with MOECO, potential application of advance technology in geothermal projects with GreenFire Energy, potential development of green hydrogen with ACWA Power and memorandum of understanding of joint study on green energy power solution for data centre of PT Telkom Data Ekosistem (NEUTRADC) in Batam and power demands within Indonesia and Southeast Asia.

President Director of  PT Medco Power Indonesia, Eka Satria said, “As a leading clean and renewable energy company in Indonesia, the signing of these joint studies support our climate change strategy to expand our renewable portfolio and achieving Net Zero Emissions for Scope 1, Scope 2 by 2050 and Scope 3 in 2060, in line with government’s energy transition program.

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MedcoEnergi Results of Annual General Meeting of Shareholders

Jakarta, May 31, 2023 – PT Medco Energi Internasional Tbk ("MedcoEnergi") held its Annual General Meeting of Shareholders (AGMS) on May 31, 2023.

Hilmi Panigoro, President Director of MedcoEnergi said, "In 2022 MedcoEnergi recorded its best-ever operational and financial performance. With the approvals from the AGMS today we are repaying some of our shareholders trust in the Board and management.”

Shareholders approved a total dividend of US$65 million for the 2022 financial year. The total dividend includes a US$25 million interim dividend (IDR 14.858 per share) which was paid to shareholders on September 8, 2022 and
a further final dividend of US$40 million (US$ 0.0016 per share) which will be paid in Indonesian Rupiah at the prevailing exchange rate in late June 2023.

In the AGMS Shareholders also approved the 2022 Annual Report and Audited Financial Statements, the remuneration for the Board of Commissioners and Board of Directors, the Company’s plan to conduct a limited shares buyback in accordance with OJK Regulation No. 30/POJK.04/2017 and the appointment of the financial auditor for 2023.

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MedcoEnergi Announces First Quarter 2023 Results

Summary Results

 Financial

  • EBITDA US$327 million
  • Net Income US$82 million
  • Net Debt to EBITDA1 1.7x
  • Cash and cash equivalents US$683 million

 Operational

  • Oil and gas production 165 mboepd
  • Power generated sales of 1,053 GWh
  • Oil and gas cash costs US$6.2 per boe
  • Capital expenditures US$58 million

Jakarta, 23 May 2023 – PT Medco Energi Internasional Tbk announces its First Quarter 2023 results.

Roberto Lorato, CEO, said, “We have made a great start to 2023, with robust operational results supported by increased regional demand for energy, leading to new GSAs and investment decisions. Our continuous focus on cost efficiencies has delivered excellent Oil & Gas unit costs.”

Financial Highlights

  • Net Profit US$82 million and EBITDA US$327 million, both reflecting higher production compared to Q1-2022, offsetting lower than 2022 oil prices.
  • Average Oil & Gas prices for Q1-2023 were US$77.1/bbl and US$7.4/mmbtu respectively.
  • Capital expenditures in the quarter were US$58 million, spent mainly on delivering Natuna and Corridor new Oil & Gas developments, and the Ijen geothermal IPP. 
  • Consolidated debt was US$3.1 billion, Restricted Group2 debt US$2.6 billion. 
  • On track to fully repay Corridor US$850 million acquisition debt by mid-2024. US$472 million has already been paid since March 2022.
  • Cash and cash equivalents were US$683 million with Net Debt US$2.4 billion, and Net Debt to EBITDA1 1.7x.
  • Oil & Gas cash costs fell to US$6.2 per boe from US$7.6 per boe in Q1-2022, supported by synergies and lower costs at Corridor.
Operational Highlights

Oil and Gas

  • Oil & Gas production was 165 mboepd, up 30% year-on-year. Full-year production guidance for 2023 is 160 mboepd.
  • Oil & Gas capital expenditure was US$47 million; spent progress new development projects in Corridor and the South Natuna Sea Block B PSC. 

Medco Power

  • Power sales were 1,053 GWh, a 26% increase year-on-year, with additional sales from full contribution of Riau 275MW gas-fired IPP and Sumbawa 26 MWp solar PV facilities.
  • Final investment decisions were made to develop the 34MW Phase 1 geothermal facility in Ijen, East Java. Development drilling is ongoing, the facility will be placed into service in 2024.  
  • Medco Power and other Indonesia energy companies signed a Memorandum of Understanding (MoU) to collaborate with several Original Equipment Manufacturers towards the development of renewable energy and supply chain opportunities between Indonesia and Singapore.

 AMNT

  • AMNT Copper production 91 Mlbs and Gold production 150 Koz, following the ramp-up of Phase 7 production. Copper prices rose by 11% to US$5.0/lbs.
 

2023 Full Year Guidance

 Company 2023 guidance:

  • Oil & Gas production 160 mboepd
  • Power sales 4,000 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$250 million and Power US$80 million

 

Hilmi Panigoro, President Director, said “I am very pleased with our excellent performance in the first quarter of 2023. We will submit our recommendation for the final 2022 dividend at the upcoming AGMS in late May.”


1Annualized and excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
2Excluding Medco Power

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MedcoEnergi Announces Full Year 2022 Audited Results

Summary Results

       Financial

  • EBITDA US$1,593 million
  • Net Income US$531 million
  • Net Debt to EBITDA2 1.4x
  • Cash Flow from Operations US$1,116 million
  • Cash and cash equivalents US$737 million

       Operational

  • Oil & Gas production 163 mboepd
  • Power generated sales 3,993 GWh
  • Oil & Gas cash costs US$6.9 per boe
  • Capital expenditures US$302 million

Jakarta, March 31, 2023 – PT Medco Energi Internasional Tbk1 announces its Full Year 2022 Audited financial results.

Roberto Lorato, CEO said, “I take great pleasure in announcing our 2022 results. MedcoEnergi reached new heights, strong core operational results with increased production following the Corridor acquisition, and new projects placed into service in both Oil & Gas and Power segments, coupled with high commodity prices. In addition, improved ESG ratings have further recognized our long term efforts in this area.”

Financial Highlights

  • Net Profit US$531 million, more than ten times higher year on year, EBITDA US$1,593 million, more than double year on year. Cash Flow from Operations US$ 1,116 million, up 154% year on year.
  • Average oil and gas prices were US$96.2/bbl and US$8.2/mmbtu respectively.
  • EBITDA in the fourth quarter was lower due to reclassifications following signing Sale and Purchase Agreements for Sinphuhorm, Thailand and Chim Sao, Vietnam non-operated assets. The sale of Sinphuhorm closed in Q1-2023.
  • Oil & Gas capex was US$269 million principally to place into service two new Natuna gas development projects, Power capex was US$33 million spent to complete the Riau 275MW Gas-fired IPP and Sumbawa 26 MWp Solar PV facilities.
  • New projects were also initiated, a 34MW geothermal development, Ijen Phase 1 and an LNG regasification project together with further Natuna and Corridor PSC developments.
  • Deleveraging accelerated through cash tender offers and bond buybacks retiring US$456 million USD Notes. Of the US$850 million Corridor acquisition debt, US$415 million has been repaid in 2022.
  • Cash and cash equivalents at year end were US$737 million.
  • Consolidated Debt was US$3.2 billion, Restricted Group2 Debt US$2.7 billion, RG Net Debt2 US$2.1 billion and RG Net Debt to EBITDA2 1.4x, another best ever result for MedcoEnergi
  • Last year, a final 2021 US$35 million dividend and a US$25 million 2022 interim dividend were paid. The final 2022 dividend will be announced after the AGMS.
  • The ESG rating from both Sustainalytics and MSCI improved, making note of the Company's safety performance and management of Safety, Environmental, Social, and Governance risks.

Operational Highlights

Oil & Gas

  • Oil & Gas production was 163 mboepd, up 73% year-on-year.
  • Production cash cost was US$6.9 per boe.
  • Several new gas development projects were completed in the South Natuna Sea Block B. The Hiu field was placed into service in June, and Malong and Belida fields in December.
  • A Key Terms Sheet was signed with SembCorp for a second gas sales contract to Singapore, monetizing recent Natuna discoveries.
  • A new Gas Sales Agreement was signed with Gas Supply Pte Ltd. to continue supplying gas from the Corridor PSC to Singapore.

Power

  • Medco Power generated sales of 3,993 GWh up 47% year-on-year following the start-up of Riau 275MW IPP in February and the Sumbawa 26MWp PV solar facility in June.
  • Final investment decisions were made to develop the 34MW Phase 1 geothermal facility in Ijen, East Java, and the 77MMSCFD Sumbawa LNG regasification terminal.
  • Medco Power and other Indonesia energy companies signed a Memorandum of Understanding (MoU) to collaborate with several Original Equipment Manufacturers towards the development of renewable energy and supply chain opportunities between Indonesia and Singapore.
  • Other MoUs were signed with PLN, Sembcorp and Kansai to collaborate on a range of Energy Transition projects.

Amman Mineral Nusa Tenggara (AMNT)

  • Copper production 464 Mlbs, up 99% and gold production 731 Koz, up 367% year-on-year, following the continued ramp up of Phase 7. Average realized copper prices were US$3.56/lbs.

2023 Full Year Guidance

       2023 Full Year Guidance:

  • Oil & Gas production 160 mboepd
  • Power generated sales 4,000 GWh
  • Oil & Gas cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$250 million and Power US$80 million

Hilmi Panigoro, President Director, said “This is our best-ever performance, both operationally and financially, several significant milestones were completed to establish foundations for continued success.”


1PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”)
2Excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)

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Prof. Dr. Subroto, Advisor to the Medco Group, Passed Away

Jakarta, 20 December 2022 - Prof. Dr. Subroto, Advisor to the Medco Group, passed away on Tuesday, December 20 at 16.25 WIB in Jakarta. 

Since joining the Medco Group in 1997, he provided significant insights and advice to the Group, which enabled the Company to grow both on national and international levels.

"The management and extended family of the Medco Group would like to express our deepest condolences and that we will miss him very much. His services and devotion will always make him a role model to all of us," said PT Medco Energi Internasional Tbk President Director, Hilmi Panigoro.

Prof. Dr. Subroto was born on September 19, 1923 in Surakarta. The man was nicknamed the "Indonesian Oil Figure of All Time," as he was known as a figure who devoted himself to the oil and gas sector. Important positions he held include Minister of Mining & Energy, Secretary General of OPEC, and most recently as an advisor to PT Medco Energi Internasional Tbk. 

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MedcoEnergi Announces Nine-Month 2022 Results

Summary Results

 Financial

  • EBITDA US$1,232 million
  • Net Income US$401 million
  • Net Debt to EBITDA2 1.5x
  • Cash and cash equivalents US$671 million

 Operational

  • Oil & Gas production 161 mboepd
  • Power generated sales 2,930 GWh
  • Oil & Gas cash production cost US$7.2 per boe 
  • Capital expenditures US$174 million

Jakarta, November 30, 2022 – PT Medco Energi Internasional Tbk1 announces its 2022 nine months financial results.

Roberto Lorato, CEO said, “I am pleased to report another quarter of strong operational and financial results. In addition, our Riau 275MW IPP and Sumbawa PV 26MWp facilities were both placed into service this year, and there have been good progress on our developments in Natuna and Corridor including the signing of a new Gas Sales Agreement (GSA) with Gas Supply Pte Ltd. (GSPL).”

Financial Highlights

  • Net Profit for the nine-months was US$401 million, up 614% year-on-year and EBITDA was US$1,232 million, both reflecting strong oil, gas and copper volumes and elevated commodity prices. 
  • Average oil and gas prices for the nine-months were US$101.4/bbl and US$7.9/mmbtu respectively.
  • EBITDA in the third quarter was US$427 million, below the second quarter, US$492 million, due to lower commodity prices.
  • Capital expenditures in the first nine-months were US$174 million, spent mainly on delivering Natuna gas development projects and completing the Riau 275MW IPP and the Sumbawa 26MWp Solar PV facilities. 
  • Retired US$456 million of USD Notes through Tender Offer and buybacks and US$2732 million of debt has been repaid since closing the Corridor acquisition in early March.
  • Consolidated debt was US$3.3 billion, Restricted Group2 debt was US$2.9 billion. 
  • Cash and cash equivalents were US$671 million with Net Debt2 US$2.3 billion and Net Debt to EBITDA2 improved to 1.5x.
  • The Company is reaffirming its dividend guidance of IDR 15-20/share following a final 2021 dividend payment of US$35 million in August and a US$25 million of 2022 interim dividend paid in September. 
  • The ESG rating from Sustainalytics has improved with particular note of the Company's excellent management of Environmental, Social, and Governance risks and Safety performance. 

Operational Highlights

Oil & Gas

  • Oil & gas production was 161 mboepd, up 73% year-on-year. Full year production guidance has been increased again to 160 mboepd. Production cost was US$7.2 per boe.
  • MedcoEnergi signed a GSA with GSPL to continue supplying gas from the Corridor PSC, South Sumatra.
  • Oil & gas capital expenditure was US$150 million, mainly to progress several development projects in the South Natuna Sea Block B PSC. The Hiu field was placed into service in June and first gas on the Belida Extension Project is expected by end of this year. 

 Medco Power

  • Medco Power generated sales of 2,930 GWh, with 22% from renewable sources. Sales improved 46%, year-on-year from the contribution of Riau 275MW IPP, placed into service in February and the Sumbawa 26MWp PV solar facility, placed into service in June.
  • Full year Power sales guidance has been increased to 4,000 GWh to reflect stronger demand and expansion of renewables capacity.
  • Collaboration agreements were signed with Kansai Electric Power Co Inc., to study carbon capture and storage and separately with PT PLN (Persero) to study carbon capture and clean hydrogen opportunities

 Amman Mineral Nusa Tenggara (AMNT)

  • Copper production was 331Mlbs, up 103% and gold production was 554Koz, up 484% year-on-year, following the ramp up of Phase 7. Average realized copper prices were US$4.18/lbs.
  • AMNT Net Income contribution dropped in the third quarter due to lower commodity prices, US$4.46/lbs in second quarter to US$3.75/lbs in third quarter.
 

2022 Full Year Guidance

 2022 Revised Full Year Guidance:

  • Oil & Gas production 160 mboepd
  • Power sales 4,000 GWh
  • Oil & Gas unit cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$250 million and Power US$50 million
 

Hilmi Panigoro, President Director, said “I am very pleased by our continued excellent operational and financial performance. We remain committed to increasing our investments to supply sustainable energy to meet domestic and international demand.”


1PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”)
2Excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)

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MedcoEnergi Announces First Half 2022 Results

Summary Results

 Financial

  • EBITDA US$806 million
  • Net Income US$270 million
  • Net Debt to EBITDA1 1.6x
  • Strong liquidity with cash and cash equivalents US$521 million

 Operational

  • Oil & gas production 153 mboepd
  • Medco Power generated sales of 1,962 GWh
  • Oil & gas cash production costs US$6.5 per boe
  • Capital expenditures US$117 million

Jakarta, August 22, 2022 – PT Medco Energi Internasional Tbk announces its first half 2022 financial results (“1H-2022”).

Roberto Lorato, CEO, said “I am pleased to report yet another quarter of strong operational and financial performance. This quarter we also placed into service the first of our current Natuna projects and our first PV project in Sumbawa, both will contribute to second half performance.”

Financial Highlights

  • Medco will pay a final 2021 dividend of US$35 million in August and a US$25 million 2022 interim dividend in September. These are Medco’s first dividends since 2017 and the Company has provided future dividend guidance of IDR 15-20 per share per financial year.
  • Net Profit was US$270 million, up 480% year-on-year and EBITDA was US$806 million, both due to strong oil, gas and copper volumes and improved commodity prices. EBITDA in the second quarter was US$492 million, above first quarter as a result of higher commodity prices and a full quarter contribution from Corridor.
  • The average oil price for the first half was US$104.4/bbl, and weighted average gas sales prices were US$7.7/mmbtu.
  • Capital expenditures were US$117 million spent mainly on delivering our Natuna projects program and completing the Riau 275MW IPP in February. Cash and cash equivalents were US$521 million.
  • Consolidated debt was US$3.2 billion, Restricted Group2 debt was US$2.8 billion with US$208 million repaid since the Corridor acquisition. Net debt2 was US$2.4 billion and Restricted Group Net Debt to EBITDA1 improved to 1.6x.

Operational Highlights

Oil & Gas

  • Oil & gas production was 153 mboepd, up 63% year-on-year including Corridor’s contribution since March. Production cost was US$6.5 per boe and pro forma3 production 181 mboepd.
  • Capital expenditure US$102 million, mainly to progress several development projects in the South Natuna Sea Block B PSC. Hiu field was placed into service in June 2022, first gas on Belida Extension Project is expected in 4Q-2022 and first oil on Forel field and gas on Bronang field expected in 4Q-2023.

 Medco Power

  • Medco Power generated sales of 1,962 GWh, with 22% from renewable sources. Power sales improved 45% year-on-year with the contribution from the 275MW Riau IPP placed into service in February 2022, and 26MWp Sumbawa PV placed into service in June 2022.
  • Medco Power continued to progress the development of its renewable projects in Ijen, a 30MW geothermal development, and the Bali Solar PV 2x25MWp project.

 AMNT

  • Copper production was 209 Mlbs, up 103% year-on-year and gold production was 351 Kozs, up 538% year-on-year, following the ramp up of Phase 7. Copper prices were US$4.46/lb.
 

2022 Full Year Guidance

 Company 2022 guidance:

  • Oil & gas production 155 mboepd
  • Power sales 3,500 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$250 million and Power US$25 million

 

 

Hilmi Panigoro, President Director, said “The recently announced dividends reward the continued support of our shareholders. We will continue to build a strong company for the benefit of all our stakeholders.”


1Annualized and excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
2Excluding Medco Power
3Pro forma assumed Corridor consolidated from 1 January 2022

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MedcoEnergi Announces Distribution of Interim Dividend

Jakarta, August 9, 2022 – PT Medco Energi Internasional Tbk ("MedcoEnergi") announces an interim dividend for 2022.

The Board of Directors and the Board of Commissioners have approved the distribution of a US$25 million interim dividend for the financial year 2022. The interim dividend will be paid in quarter three 2022 in accordance with Indonesian Stock Exchange regulations.  This interim dividend is in-line with our previous dividend guidance.

Hilmi Panigoro, President Director of MedcoEnergi said, "This interim dividend is supported by strong operational and financial performance in 2022 and comes shortly after shareholder approval of the final dividend for 2021. I am confident that the Company is on track to deliver long term value to our shareholders.”

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