1948 - 2024

Raisis Arifin Panigoro

Advisor of MedcoEnergi



It is with heavy heart that we announce the passing of Ibu Raisis Arifin Panigoro, MedcoEnergi's Advisor (2022 - 2024). Her service and contribution made her a role model for all of us.

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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

21/02/2024
MEDC-IDX
(IDR)
1,200
Market Cap
(Trilion IDR)
30.2
Volume
(lot)
0

Whistleblower

Ensuring MedcoEnergi is a safe, fair and honest place to work.
Thursday, 14/12/2023 WIB Government Approves Amendment to Corridor Block PSC

MedcoEnergi has obtained Ministerial approval for an amendment to the new Corridor Block PSC.

Tuesday, 12/12/2023 WIB MedcoEnergi Completed the Acquisition of 20% Share in Block 60 and Block 48, Oman

MedcoEnergi has completed the acquisition of 20% interests in two EPSA in the Sultanate of Oman from OQ Exploration & Production LLC.

Tuesday, 28/11/2023 WIB MedcoEnergi Granted Oman Royal Approval for Block 60 and Block 48, Oman

MedcoEnergi is pleased to announce that it has received Royal approval to acquire 20% interests in two blocks in Oman.

Wednesday, 01/11/2023 WIB MedcoEnergi Announces Nine Months 2023 Results

PT Medco Energi Internasional Tbk announces its nine months 2023 results.

Friday, 20/10/2023 WIB MedcoEnergi Issues a US$500 Million Bond

Medco energi is pleased to announce the successful issue of a five and a-half-year tenor, 144A/Reg S US$500 million bond with an 8.96% coupon.

Monday, 02/10/2023 WIB MedcoEnergi Announces First Semester 2023 Results

PT Medco Energi Internasional Tbk announces its audited First Semester 2023 results.

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

Government Approves Amendment to Corridor Block PSC

Jakarta, 14 December 2023 – MedcoEnergi has obtained Ministerial approval for an amendment to the new Corridor Block PSC.  The PSC will revert to a Cost Recovery PSC with improved terms to ensure the economic development of several new developments and sustain further exploration on the block. 

The gas allocation and gas price for three gas buyers were also approved, including for PT Perusahaan Gas Negara Tbk (PGN).  The Gas Sale and Purchase Agreements will be signed shortly.

The total contracted gas delivery from the block is now ~700 bbtud, with 83% sold to domestic buyers and 17% exported to Singapore.

Ronald Gunawan Medco E&P President Director stated, ”This agreement represents a significant forward step in securing a stable and sustainable future for the Corridor Block, generating substantial benefits for the Country, MedcoEnergi, partners and all stakeholders.”

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MedcoEnergi Completed the Acquisition of 20% Share in Block 60 and Block 48, Oman

Jakarta, 12 December 2023 – PT Medco Energi Internasional Tbk ("MedcoEnergi”) has completed the acquisition of 20% interests in two Exploration and Production Sharing Agreements (EPSA) in the Sultanate of Oman from OQ Exploration & Production LLC (“OQEP”). 

MedcoEnergi has acquired a 20% interest in the Block 60 producing EPSA and a 20% interest in the Block 48 exploration EPSA, both located onshore in western Oman near the border with Saudi Arabia. Block 60 covers an area of 1,485km2 and is currently producing ~63 mboepd from the Bisat oil and AbuTabul gas fields, the EPSA will expire in 2048. The adjacent Block 48 covers an area of 2,995 km2 and has significant prospective oil and gas potential.

OQEP will remain Operator of both Blocks and will facilitate the exchange of expertise in gas exploration, development, technology application and sustainability processes through the secondment of MedcoEnergi personnel to the joint operations and bilateral corporate assignments. 

OQEP is Oman’s third largest producer and a subsidiary of OQ Group SAOC, the state owned global integrated energy group. It currently operates three blocks in Oman and is involved in several production and exploration joint ventures in both Oman and Kazakhstan.

President Director Hilmi Panigoro stated, “This acquisition leverages our reputation for sustainability and gas development and provides a new hub from which to expand low-cost production.” 

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MedcoEnergi Granted Oman Royal Approval for Block 60 and Block 48, Oman

Jakarta, 28 November 2023 – PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") is pleased to announce that it has received Royal approval to acquire 20% interests in two blocks in Oman. The transaction is now expected to complete in December 2023.

MedcoEnergi will acquire from OQ Exploration & Production LLC (“OQEP”), a 20% interest in the Block 60 producing license and a 20% interest in the Block 48 exploration license, both located onshore in west central Oman. Block 60 holds two producing fields; Bisat oil field and Abu Butabul gas field. OQEP is a global integrated energy company with its roots in Oman. OQEP currently operates three blocks in Oman (8, 48 and 60) and is a participant in a number of production and exploration joint ventures both in Oman and Kazakhstan. OQEP will remain the Operator of both Blocks.

Hilmi Panigoro, President Director stated “This acquisition is in line with our strategy of owning and developing high-quality, cash-generative assets with great growth potential. Once completed, the acquisition will increase MedcoEnergi's daily production by ~13 MBOEPD and contribute significantly to future gas and liquids reserves.”

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MedcoEnergi Announces Nine Months 2023 Results

Summary Results

 Financial

  • EBITDA US$941 million
  • Net Income US$242 million
  • Net Debt to EBITDA1 1.6x
  • Cash and cash equivalents US$666 million

 Operational

  • Oil and gas production 161 mboepd
  • Power generated sales of 3,079 GWh
  • Oil and gas cash costs US$7.5 per boe
  • Capital expenditures US$210 million

Jakarta, 1 November 2023 – PT Medco Energi Internasional Tbk announces its nine months 2023 financial results.

Roberto Lorato, Chief Executive Officer, stated, "I am pleased to report another quarter of solid operational and good financial results. The recent reserve reports showing increased Natuna and Corridor reserves are the result of MedcoEnergi's capabilities and continued investment in our high quality assets. In order to add value we will continue to focus on cost leadership and first class project delivery."

Financial Highlights

  • The Company will pay an interim dividend for 2023 of IDR15/share.
  • Net Profit for the first nine months was US$242 million, and EBITDA US$941 million reflecting lower oil and gas prices and reduced contribution from AMMN.
  • Oil & gas production however was flat year-on-year at 161 mboepd.  Prices averaged US$77/bbl for the first nine months of 2023, down by US$24.1/bbl from the US$101.1/bbl in the same period in 2022. Prices in Q3 2023 recovered to US$80/bbl.
  • MedcoEnergi share of AMMN net profit was US$13 million, down by US$159 million year-on-year. 
  • New reserve reports on Natuna and Corridor extended MedcoEnergi proved and probable reserve life to 9.7 years.
  • Capital expenditures were US$210 million, spent mainly progressing Natuna, Corridor and Ijen developments. 
  • Consolidated debt was US$2.9 billion down by 12% year-on-year, Restricted Group debt was US$2.5 billion or down by 14% year-on-year. 
  • Cash and cash equivalents were US$666 million with Net Debt US$2.2 billion and Net Debt to EBITDA1 at 1.6x.
  • In Q4 2023 a tender offer bought back US$425mn of USD Notes 2025 – 2028 and a new US$500mn 2029 USD Note was issued for refinance.

Operational Highlights

Oil and Gas

  • Oil & gas production was 161 mboepd flat year-on-year, cash costs US$7.5 per boe. 
  • Oil & gas capital expenditure was US$155 million, mainly to progress several development projects in Natuna and Corridor. 
  • Corridor domestic GSA renewal is in progress and expected to be signed before year end.  

 Medco Power

  • Medco Power generated sales of 3,079 GWh, with 20% from renewable sources. Sales improved 5%, year-on-year from the contribution of Riau 275MW gas-fired IPP and Sumbawa 26 MWp solar PV facilities. 
  • Average realized electricity price were US¢ 3.7/kwh net of fuel costs, up by 2.8% year-on-year.
  • Power capital expenditure was US$55 million, mainly to progress the development of Ijen Geothermal 34MW which is on track for completion by December 2024.
  • Signed a new partnership with MOECO to evaluate the Bonjol Geothermal asset.

 AMMN

  • AMMN incurred higher compliance costs due to the delayed issue of the export permit, an export duty increase and began accruing the Non-Tax Government Revenue. 
  • Copper production was 199Mlbs, and gold production 259Koz.
  • Average realized copper prices were US$4.0/lbs.
  • Smelter construction is on schedule to achieve >70% by year end.

 

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

 

President and Director Hilmi Panigoro stated, "I am very pleased with our operational and financial performance. The recent bond issuance and strong bond investors support confirms the Company's record of consistent delivery on our commitments and deleveraging plans. With the improving commodity  prices and energy demand we look forward to continuing on our path of sustainable  growth.”


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

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MedcoEnergi Issues a US$500 Million Bond

Jakarta, 20 October 2023 –PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) is pleased to announce the successful issue of a five and a-half-year tenor, 144A/Reg S US$500 million bond with an 8.96% coupon.

The Company’s credit ratings were affirmed as B+ (positive) from Fitch, B+ (stable) from S&P and B1 (stable) from Moody’s. The Company will use the proceeds for the refinance of indebtedness.

Roberto Lorato, CEO of MedcoEnergi, said “We are pleased with this outcome, especially since the strong support from investors reflects the Company’s record of consistent delivery of our commitments, both operational performance and deleveraging. With improving commodity prices and energy demand we look forward to continuing our sustainable growth”.

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MedcoEnergi Announces First Semester 2023 Results

Summary Results

 Financial

  • EBITDA US$634 million
  • Net Income US$119 million
  • Net Debt to EBITDA1 1.8x
  • Cash and cash equivalents US$604 million

 Operational

  • Oil and gas production 162 mboepd
  • Power generated sales of 2,003 GWh
  • Oil and gas cash costs US$7.4 per boe
  • Capital expenditures US$127 million

Jakarta, 2 October 2023 – PT Medco Energi Internasional Tbk announces its audited first semester 2023 results.

Roberto Lorato, CEO, said, “First half 2023 performance was robust with increased gas volumes and the Natuna Bronang platform placed into service. Oil prices were 30% lower year-on-year, but have since recovered. The IPO of AMMN in July was a great success and exports have now been accelerated to make up for the delays in the first half.”

Financial Highlights

  • Net Profit US$119 million and EBITDA US$634 million. First half results were lower year-on-year due to the lower contribution from AMMN and lower realized oil and gas prices, partially offset by higher volumes.
  • Medco share of AMMN net profit was US$27 million, down by US$103 million from the first half of 2022. This was due to a four-month deferral in copper and gold sales following a delay in renewing AMMN’s export permit. AMMN continued operations during the delay and restarted exports in July.
  • Oil & Gas production was 162 mboepd, up 6% year-on-year.  However average Oil & Gas prices were US$75.2/bbl and US$7.2/mmbtu respectively, down US$29.1/bbl year-on-year from the US$104.4/bbl in 2022. 
  • Capital expenditures were US$127 million, spent mainly on progressing the Natuna, Corridor and Ijen developments.
  • Cash and equivalents were US$604 million, Net Debt US$2.5 billion and Net Debt to EBITDA1 1.8x.
  • Medco distributed a 2022 dividend of ~IDR39 per share and is on track to fully repay the US$850 million Corridor acquisition debt by Q1 2024. 

Operational Highlights

Oil and Gas

  • Oil & Gas production was 162 mboepd, up 6% year-on-year and cash costs US$7.4/bbl.
  • Oil & Gas capital expenditure US$99 million mainly to progress Natuna and Corridor developments.
  • Placed into service the Natuna Bronang platform utilizing minimal facilities and solar panels.
  • Awarded the Beluga exploration PSC located close to MedcoEnergi's existing South Natuna Sea Block B infrastructure.
  • Initiated Carbon Capture Sequestration (CCS) studies with international partners on the Natuna and Corridor reservoirs.
  • Received four awards from SKK Migas for Project Performance, Assurance and Consulting Excellence at the 4th International Convention on Indonesia Upstream Oil & Gas.
  • Received Subroto award on Corridor PSC from the Ministry of Energy and Minerals. 

Medco Power

  • Power sales were 2,003 GWh, an 8% increase year-on-year, with additional sales from the Riau 275MW gas-fired IPP and Sumbawa 26 MWp solar PV facilities.
  • Power capital expenditure was US$28 million, mainly to progress the development in Ijen Geothermal.
  • The Energy Market Authority (EMA) of Singapore awarded a Conditional Import License to Medco Power and its consortium for a 600MW solar project.
  • The Ijen geothermal development is on track for completion by December 2024, with 2 of the 4 production wells now undergoing long term testing.

 AMMN

  • Following the IPO, AMMN market capitalization is ~US$26bn, with MedcoEnergi ownership ~21%.
  • Production resumed faster than expected following the recent heavy rainfall and AMMN expects to reach or exceed its 2023 full year production guidance.
  • Construction on the smelter is on schedule with expected completion above 70% by December.
 

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 "With its strong operational performance, Singapore’s award of a Conditional Import Licence for a 600MW solar project and the successful IPO of AMMN, I am pleased that MedcoEnergi is delivering long-term value and returns for its shareholders as well as contributing to the Energy Transition efforts of our country."


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

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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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