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 | Tuesday, 28 May 2024 |

MedcoEnergi Announces its Audited 1Q 2016 Financial Results

Media Release


MedcoEnergi Announces its Audited 1Q 2016 Financial Results



·         Average production of 64.5 MBOEPD (49.9 MBOEPD in 1Q15)

o    Oil Production – 30.7 MBOPD (31.1 MBOPD in 1Q15)

o    Gas Production – 197.6 MMSCFD (109.9 MMSCFD in 1Q15)

·         Increase in production volume by 29.3%

·         Lematang PSC awarded 10 years extension and increased working interest to 100%

·         EPC Contract for Block A, Aceh has been awarded to JEC

·         Acquisition of Japex’s 16.67% interest in Block A, MedcoEnergi to hold a total of 58.33% interest



·         EBITDA of US$65 million

·         Net profit of US$10 million

·         Oil and Gas operating cash costs reduced by 7%

·         Solid liquidity with cash and cash equivalent of US$ 400 million



Jakarta, 30 June 2016 – Today, PT Medco Energi Internasional Tbk has announced its audited consolidated financial statements for the period ending 31 March 2016 (“1Q 2016”).

Hilmi Panigoro, President Director of MedcoEnergi stated that “Despite the continuing difficult price environment, our 1Q 2016 performance is on track to meet our 2016 operational and financial targets. Production in 1Q 2016 has been strong and our cost efficiency efforts are becoming evident in our results.”

Operational Highlights in 1Q 2016

  • Production volume was 29.3% higher than in 1Q 2015 at 64.5 mboepd.The increase in production volume was mainly attributed to the additional contribution of Senoro-Toili Gas field which started operation in June 2015 and in 1Q 2016 produced a total of 102.5 mmscfd of gas. Oil production decline in mature fields continues to be successfully mitigated through focused production optimization.
  • MedcoEnergi announced several milestones in the development of its Major Projects:
    • In Lematang PSC, South Sumatra the Company was awarded a 10 year extension and increased its working interest to 100% with the completion of the Lundin acquisition.
    • In Block A PSC, Aceh the Company awarded the Engineering Procurement and Construction (EPC) contract for the Phase 1 gas project development to a consortium of PT JGC Indonesia and PT Encona Inti Industri (JEC).
    • The Company entered into an agreement to acquire Japex Block A Ltd’s 16.67% interest in the Block A PSC. Upon completion MedcoEnergi will hold a 58.33% operating interest in the block.

Financial Highlights in 1Q 2016

  • MedcoEnergi’s average realized oil price for the period was US$ 30.6/bbl per barrel or 40% lower compared to 1Q 2015, whilst average realized gas price was US$ 4.14/mmbtu.
  • Total revenue was booked at US$ 144.6 million or 13% higher compared to 1Q 2015. 
  • The Company lowered operational oil and gas cash costs by 7% from US$ 59 million in 1Q 2015 to US$ 55 million in 1Q 2016, with unit production cash costs at US$ 6.9/boe.
  • Gross profit recorded at US$ 58 million and operating income of US$ 34 million. The Company’s EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)  increased by 45% to US$ 65 million, with an improved EBITDA margin up from 35.4% to 45.3% year on year.
  • 1Q 2016 the Company booked net profits from operations of US$ 10.3 million, compared to the net loss of US$ (37.4) million in 1Q 2015.