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

20/08/2022
MEDC-IDX
(IDR)
625
Market Cap
(Trilion IDR)
15.7
Volume
(lot)
268,211

Whistleblower

Ensuring MedcoEnergi is a safe, fair and honest place to work.
Tuesday, 09/08/2022 WIB MedcoEnergi Announces Distribution of Interim Dividend

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

Thursday, 28/07/2022 WIB MedcoEnergi Continued Deleveraging

Consistent with deleveraging strategy, MedcoEnergi has made selective over-the-purchase

Wednesday, 27/07/2022 WIB MedcoEnergi Results of Annual General Meeting of Shareholders

MedcoEnergi held its Annual General Meeting Shareholders (AGMS) on July 27, 2022

Wednesday, 15/06/2022 WIB MedcoEnergi announces First Quarter 2022 Results

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

Thursday, 09/06/2022 WIB MedcoEnergi Announces Its Audited Full Year 2021 Results

MedcoEnergi announces its audited 2021 full-year financial results

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

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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MedcoEnergi Continued Deleveraging

 Jakarta, 28 July 2022 - Consistent with the Company's deleveraging strategy which has previously been disclosed to the market, PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") wishes to announce it has made and may from time to time in the future make selective over-the-counter purchases of its bonds.  Since July 1st, the Company has purchased approximately US$30 million of its bonds of varying maturities and at varying prices, covering its full bond curve.

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MedcoEnergi Results of Annual General Meeting of Shareholders

Jakarta, 27 July 2022 – PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") held its Annual General Meeting of Shareholders (AGMS) on July 27, 2022.

Shareholders approved the payment of a US$35 million cash dividend from the profit for the 2021 financial year.  The dividend will be paid in late August and is slightly above the previous guidance of IDR 15-20 per share.

Shareholders also approved the appointment of the auditor for 2022, approved the Annual Report and Audited Financial Statements for the year ended December 31, 2021 and approved the remuneration for the Board of Commissioners and Board of Directors.

Hilmi Panigoro, President Director of MedcoEnergi said, "I am pleased with our strong operational and financial performance in 2021 and the robust forecast for the next several years.  This has allowed us to distribute a dividend in recognition of the continued support of our shareholders.”

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MedcoEnergi announces First Quarter 2022 Results

Summary Results

 Financial

  • EBITDA US$313 million
  • Net Income US$90 million
  • Net Debt to EBITDA1 2.1x
  • Strong liquidity with cash and cash equivalents US$537 million

 Operational

  • Oil and gas production 127 mboepd
  • Power generated sales of 837 GWh
  • Oil and gas cash production costs US$8.0 per boe
  • Capital expenditures US$42 million

Jakarta, 15 June 2022 – PT Medco Energi Internasional Tbk announces its unaudited First Quarter 2022 results.

Roberto Lorato, CEO, said “We have made a great start to 2022 and I am very pleased that our strong operational and financial performance is allowing us to provide a new dividend guidance to reward the continued support of our shareholders.”

Financial Highlights

  • Completed and consolidated the acquisition of Corridor in March. Net Income includes an associated US$14 million bargain purchase.
  • EBITDA was US$313 million, more than doubling year-on-year. Average oil prices were US$100/bbl, 70% higher year-on-year (US$59/bbl) and average gas prices were US$7.7/mmbtu, 35% higher year-on-year (US$5.7/mmbtu).
  • Net Profit was US$90 million with all three business segments oil & gas, power and copper mining continuing to report profits.
  • Capital expenditures were US$42 million and Cash and Cash Equivalents US$537 million.
  • Consolidated debt US$3.3 billion, Restricted Group debt2 US$2.9 billion. Net Debt2 was US$2.5 billion and Net Debt to EBITDA1 2.1x.
  • Completed a US$150 million capped tender offer in May of the 2026 and 2027 US dollar notes using available cash and committed amortizing facilities.
  • Pefindo upgraded Medco’s rating to “idAA-“ with stable outlook.
  • The Corridor acquisition was awarded “Asia Pacific Deal of The Year” by the Energy Council and “Transition Energy Deal of The Year” by The Asset Triple A.

Operational Highlights

Oil and Gas

  • Oil and gas production jumped to 127 mboepd up 26 % year-on-year following completion of the Corridor acquisition in March. Pro forma production was 184 mboepd, production cost was US$8.0 per boe.
  • Oil and gas capital expenditure US$36 million; progressed oil and gas development projects in the South Natuna Sea Block B PSC, with first gas on the Hiu field expected in 2Q-2022, first gas on the Belida Extension in 4Q-2022 and first oil on the Forel field and gas on Bronang field expected in 4Q-2023. 

 Medco Power

  • Power sales were 837 GWh, a 26% increase year-on-year boosted by the commercial operation of the 275MW Riau IPP in February 2022. Approximately 25% of the sales were from renewable sources.
  • Sumbawa PV 26MWp is targeted for commercial operation by the end of June, a 30MW geothermal development in Ijen, East Java is progressing and a Power Purchase Agreement for a Bali PV 2x25 MWp facility was signed with PLN.

 AMNT

  • AMNT Copper production 93 Mlbs, increased 93% year-on-year and Gold production 169 Koz, increased more than 5x year-on-year following the ramp up of Phase 7 production. Copper prices rose by 21% to US$4.5/lbs.
  • AMNT is producing high-grade ore from Phase 7 and work is progressing on the development of Phase 8 and a 900,000 mtpa capacity copper concentrate Smelter.
  • AMNT is also developing both gas-fired and solar PV power generation facilities to replace the existing coal and diesel-fired units as part of its transition to cleaner and more sustainable power sources. 
 

2022 Full Year Guidance

 Company 2022 guidance:

  • Oil & Gas production 160 mboepd*
  • Power sales 3,500 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$275 million and Power US$50 million

* Pro forma

 

Hilmi Panigoro, President Director, said “I am very pleased with our record performance in the first quarter of 2022, this proves that our strategy is delivering, as further acknowledged by the award as  the Asia Pacific Upstream Company of the Year at the recent APAC Capital Energy Assembly organised by the Energy Council.”


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

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MedcoEnergi Announces Its Audited Full Year 2021 Results

Summary Results

 Financial

  • EBITDA US$714 million
  • Net Income US$47 million
  • Net Debt to EBITDA1 2.7x
  • Strong liquidity with cash and cash equivalents US$933 million

 Operational

  • Oil and gas production 94 mboepd
  • Power generated sales of 2,718 GWh
  • Oil and gas cash production costs US$9.8 per boe
  • Capital expenditures US$114 million

Jakarta, 9 June 2022 – PT Medco Energi Internasional Tbk announces its audited 2021 Full Year financial result.

Roberto Lorato, CEO said “I am pleased to report strong financial performance as both price and demand recovers towards pre-COVID levels. The Company’s performance has allowed us to issue both new dividend guidance and a lower debt target.”

Financial Highlights

  • New annual dividend guidance IDR15-20 per share and a lower leverage target of Net Debt/EBITDA1 2.5x.
  • EBITDA US$714 million, a 44% increase year-on-year. Average oil price was US$68/bbl, 69% higher year-on-year (US$40/bbl) and weighted average gas prices were US$6.5/mmbtu, 26% higher year-on-year (US$5.2/mmbtu).
  • EBITDA in the fourth quarter was US$205 million, improved from the third quarter as both prices and gas demand recovered.
  • Net Profit was US$47 million, recovering from COVID-19 related low energy demand in 2020. All three business segments oil & gas, power and copper mining reported profit.
  • Net Profit was impacted by a dry hole and impairment of Mexico Block 10 & 12, US$28 million, an impairment of AMG US$15 million, offset with fair value gains to Sarulla US$47 million and DSLNG US$25 million.
  • Capital expenditures US$114 million, ramping up in fourth quarter as gas demand recovered.
  • Consolidated debt was US$3.0 billion and Restricted Group1 debt US$2.6 billion, up by US$294 million year-on-year, but including US$400 million raised for the Q1-2022 Corridor acquisition. Net Debt1 was US$1.8 billion and Net Debt to EBITDA1 2.7x.
  • Financial charges were 20% lower year-on-year as a result of consistent deleveraging.

Operational Highlights

Oil and Gas

  • Oil and gas production was 94 mboepd, down by 6% year-on-year. Fourth quarter production improved by 7% from the third quarter as domestic gas demand recovered post Covid-19 lockdowns. Oil & gas production costs were US$9.8 per boe, within guidance.
  • Oil and gas capital expenditure was US$83 million, mainly 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-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.
  • Secured a 20 year PSC extension for the Senoro-Toili Block effective from December 2027 and progressed engineering for the Senoro Phase II development. 

 Medco Power

  • Medco Power generated sales of 2,718 GWh, approximately 32% from renewable sources. Power sales improved 8% in the fourth quarter due to better steam performance at Sarulla and the recovery of electricity demand in Batam.
  • Power capital expenditure was spent finalizing commissioning the 275MW IPP in Riau, construction of the 26MWp PV facility in Sumbawa and the 30MW Phase-1 geothermal development at Ijen, East Java.
  • Engineering design progressed on the Solar Power Export Project, Pulau Bulan Island, Kepulauan Riau Province following the award of an in-principle import license from Singapore’s Energy Market Authority (EMA). The project will have an installed capacity of 670 MWp in the initial phase, which will provide 100 MW equivalent of non-intermittent electricity to Singapore.

 AMNT

  • AMNT produced 234 Mlbs of copper and 156 Koz of gold. Phase 7 waste removal was completed and currently producing high-grade ore from Phase 7, work is progressing on the development on Phase 8 and a 900,000 mtpa copper concentrate capacity Smelter.

2022 Full Year Guidance

 Company 2022 guidance*:

  • Oil & Gas production 160 mboepd
  • Power sales 3,500 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$275 million and Power US$50 million

* 2022 includes Corridor

 

Hilmi Panigoro, President Director, said “I am pleased to see our much improved full year results and the support of our stakeholders for the extension of Senoro-Toili PSC. The completion of the ConocoPhillips Indonesian acquisition in March, has strengthened MedcoEnergi’s position in South East Asia and supported our Climate Change Strategy.”



1Excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)  

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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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