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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Login | Friday, 14 June 2024 |

MedcoEnergi Inked Financial Agreement in Oman

Media Release


MedcoEnergi Inked Financial Agreement in Oman

Jakarta, 19 August 2015 - PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that its subsidiary, Medco Oman LLC (altogether called the “Company”) has inked a Financial Agreement with Alizz Islamic Bank SAOG through a Bank Guarantee on Wednesday (19/8) in Oman. Through this agreement, Alizz Islamic Bank defines the Bank Guarantee to MedcoEnergi to support Karim Small Fields (KSF) operation activity in Oman.

The signing of the agreement by Mr. Salaam Al Shaksy, CEO of Alizz Islamic Bank, and Mr. Lukman Ahmad Mahfoedz, President Director and CEO of PT Medco Energi Internasional Tbk, took place at Alizz Bank’s headquarters in Oman. The signing ceremony was also attended by Mr. Ehab Hashish, DGM-Head of Wholesale Banking of Alizz Islamic Bank,  Mr. Faiz Shahab, Director of International E&P Operation and New Venture of MedcoEnergi, and Mr. Ahmad Syaifudin, Resident Vice President for MENA Countries of MedcoEnergi.

Commenting on the Bank’s support for a key segment of the Sultanate’s economy, Mr. Salaam Al Shaksy, said “We are very optimistic and looking forward to working with MedcoEnergi as a partner for their success in providing energy in this country”.

Mr. Lukman Ahmad Mahfoedz, President Director & CEO MedcoEnergi, cited that, “The relatively short time required to reach conclusion as well as an agreeable competitive rate demonstrates our commitment to continuously optimize our efforts in enhancing Oman’s In-Country Value, among which is by cooperating with Alizz Bank, a local bank in Oman, to contribute continuously to the State of Oman and strengthen the Company's portfolio in the Middle East. MedcoEnergi will also continue to strengthen cooperation with the Government of Oman and PDO in the next 25 years to find new oil and gas reserves while maintaining safety in our operation. We look forward to working together with Alizz Islamic Bank, not only for KSF but also for other opportunities in the future.”

Previously, PT Medco Energi Internasional Tbk through its subsidiary, Medco Oman LLC has signed an Amendment of the Karim Small Fields Agreement (“KSF Amendment”) with Petroleum Development of Oman on April 2015. The amended KSF Contract defined several favorable key terms including, among others, an additional 25 years of operations by the Company (and its Partners), improved commercial terms, and bigger exploration opportunities to find new hydrocarbon. This additional 25-year contract period demonstrates and affirms our achievement in the last nine years through diligent and successful operations in KSF by doubling the production and contributing revenues of more than US$4.6 billion in revenues to the Government of Oman amounting to date.(***)