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.

Continue to website
Login | Friday, 14 June 2024 |

MedcoEnergi Signed USD 200 Million Term Facility Agreement For Its Senoro Upstream Gas Block

Media Release


MedcoEnergi Signed USD 200 Million Term Facility Agreement For Its Senoro Upstream Gas Block

Jakarta, Tuesday, November 24, 2015 – PT Medco Energi Internasional Tbk, through its subsidiary PT Medco E&P Tomori Sulawesi (together called the "Company" or "MedcoEnergi"), has signed a Term Facility Agreement ("Agreement") on November 24, 2015 with PT Bank ANZ Indonesia (“ANZ”), PT Bank DBS Indonesia (“DBS”), PT Bank Mandiri (Persero) Tbk ("Bank Mandiri"), Standard Chartered Bank (“SCB”) and Sumitomo Mitsui Banking Corporation (“SMBC”) (collectively refer to as the “Banks”) to refinance an upstream gas operations in Senoro Field, Senoro-Toili PSC Block, Central Sulawesi (“Senoro Upstream Gas”). All those five prominent banks acted as Joint Mandated Lead Arrangers for a Term Facility (with SCB acting as Global Coordinator) in the amount of USD 200 million.

With MedcoEnergi's credit standing, the Banks were able to secure initial commitments for the Term Facility in the amount of USD 350 million. Nonetheless, MedcoEnergi opted to execute a Term Facility in the amount of USD 200 million, which demonstrated a 1.75x over subscription. Since April 2015, when the gas production facilities reached its mechanical completion, the Senoro Upstream Gas has exhibited a steady ramp up gas production and the facilities currently produces gas above its daily contractual obligation of 250 MMSCF per day. The cumulated gas production is targeted at 69,440 BBTU by end of 2015. To date, the gas has been sent to PT Donggi Senoro LNG (“DSLNG”), a joint venture company of MedcoEnergi, PT Pertamina (Persero), Mitsubishi and Kogas, for LNG production. Up to now DSLNG has shipped 9 LNG cargoes and it expects to ship a total of 12 cargoes by year end of 2015.

Lukman Mahfoedz, President Director & CEO of MedcoEnergi stated, "This Agreement indeed reflects a good standing credit reputation of the Company whereby we can still secure funding amidst the current low oil price. This refinancing will accumulatively contribute to a total of USD 600 million fund raising exercise in 2015 for the purpose of general capital investment and refinancing of MedcoEnergi’s indebtedness.” (***)