1945 - 2022

Dr. HC. Ir. H. Arifin Panigoro bin Yusuf Panigoro

Medco Group Founder

It is with heavy heart that we announce the passing of our Company's Founder. He was a prominent and visionary figure of inspiration to us and to the Company. Not only he was passionate in what he did, he was also a dedicated man of honor to the nation and the country. May his legacy always live in the Company's soul and activities.

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Login | Tuesday, 26 September 2023 |

MedcoEnergi Announces Completion of Acquisition of Ophir Energy plc

Media Release


MedcoEnergi Announces Completion of Acquisition of Ophir Energy plc

Jakarta, 22 May 2019 – PT Medco Energi Internasional Tbk1 today announces the successful completion of the acquisition of Ophir Energy plc2 in a recommended all cash offer valued at £408.4 million.

Ophir’s assets are highly complementary to MedcoEnergi’s existing portfolio and the combined business creates a leading regional oil and gas player in Southeast Asia.  The acquisition of Ophir will increase MedcoEnergi’s 2019 pro forma production by approximately 29% to 110 Mboepd, and combined 2P3 reserves and 2C4 resources by 86% to 1,439 MMboe.

Hilmi Panigoro, President Director of MedcoEnergi, said, “We are delighted to have successfully completed the acquisition of Ophir, which firmly establishes MedcoEnergi as a leading oil & gas player in Southeast Asia.  This acquisition further underlines our strategy to selectively expand MedcoEnergi’s presence and we believe it will create value for all of our stakeholders.”           


2019 Guidance


Operational guidance for 2019 is as follows:   

  • Pro-forma production will be 110 Mboepd.
  • Oil and gas unit cash costs will be maintained below US$10 per boe.
  • Medco Power Indonesia will generate power sales of 2,850 GWh.
  • Pro-forma capex will be US$400million or below.
  • Net Debt to EBITDA target will be 3.0x or below at mid-cycle prices.    





1 PT Medco Energi Internasional Tbk (“MedcoEnergi ”or “Company”).

2 Ophir Energy plc (“Ophir”) acquired by MedcoEnergi through Medco Energi Global PTE Ltd. (“Medco Global”) a subsidiary of MedcoEnergi.

3 2018YE 2P reserves: 281.7 MMboe (MedcoEnergi) + 70.1 MMboe (Ophir) = 351.8 MMboe (Combined).

4 2018YE 2C resources: 490.6 MMboe (MedcoEnergi) + 596.6 MMboe (Ophir) = 1,087.2 MMboe (Combined).