Company History

Company History: From Drilling to Energy Industry Leader

Driven by innovation, MedcoEnergi has undergone a remarkable transformation over the past four decades. From our humble beginnings as a drilling contractor, the company has steadily grown into a leading energy and natural resources player in Southeast Asia. This journey is marked by a series of significant achievements and milestones, which continue to propel MedcoEnergi's success story forward.

1980 - In the Beginning

1980 - In the Beginning

Arifin Panigoro establishes PT Meta Epsi Pribumi Drilling Company, the first Indonesian owned drilling contractor.

1994 - Going Public

1994 - Going Public

PT Medco Energi Internasional Tbk goes public on the Indonesia Stock Exchange.

1995 - First Expansion

1995 - First Expansion

MedcoEnergi acquired operatorship in Rimau and South Sumatra PSCs

2013 - First Renewable Contract

2013 - First Renewable Contract

MedcoEnergi signs Sarulla IPP in North Sumatra, the world’s largest single-contract geothermal power sales agreement.

2015 - LNG Entry

2015 - LNG Entry

MedcoEnergi and partners built Donggi-Senoro LNG, the first Indonesian midstream LNG facility.

2016 - Diversified Expansion

2016 - Diversified Expansion

MedcoEnergi acquires Operatorship in South Natuna Sea Block B, a world-class offshore oil & gas operation, and jointly acquired Amman Mineral Nusa Tenggara, a copper and gold mining company.

2017 - Power Business

2017 - Power Business

Secured full control of Medco Power and established our three core business lines.

2019 - Southeast Asian Expansion

2019 - Southeast Asian Expansion

Acquisition of Ophir Energy plc with producing assets in Indonesia, Thailand, and Vietnam.

2020 - Resilient Amid Crisis

2020 - Resilient Amid Crisis

MedcoEnergi celebrates its 40th anniversary, overcoming challenges posed by the COVID-19 pandemic and collapsing oil prices and energy demand.

2021 - Building the Future

2021 - Building the Future

Obtained 20 years extension of Senoro-Toili PSC.

2022 - Reaching New Heights

2022 - Reaching New Heights

Acquired operatorship of Corridor PSC and received higher rating upgrade to A from MSCI ESG.

2023 - Expanding Our Horizons

2023 - Expanding Our Horizons

Acquired Oman Blocks 60 and 48, amended the Corridor PSC from Gross Split to Cost Recovery, and completed the successful Initial Public Offering of Amman Mineral Internasional (AMMN-IDX).