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, 23 July 2024 |

MedcoEnergi Announces Audited First Half 2021 Results

Media Release


MedcoEnergi Announces Audited First Half 2021 Results

Summary Results


  • EBITDA US$318 million
  • Gross Profit US$234 million
  • Net Debt to EBITDA2 3.1x
  • Strong liquidity with cash and cash equivalents US$551 million


  • Oil and gas production 94 mboepd
  • Medco Power generated sales of 1,355 GWh
  • Oil and gas cash production costs US$9.6 per boe
  • Capex expenditures US$28 million

Jakarta, 26 October 2021 – PT Medco Energi Internasional Tbk1 announced its audited results for the period ended June 30, 2021 (“1H-2021”).

Roberto Lorato, CEO, said “I am pleased to report improving first half results. Prices in the second half of 2021 have continued to improve and domestic gas demand is beginning to recover after Indonesia’s economic lockdowns. We have now published our Climate Change Strategy with the initial actions to reach Net Zero for Scope 1 and Scope 2 emissions by 2050, and Scope 3 by 2060."

Financial Highlights

  • EBITDA 1H-2021 was US$318 million, a 15% increase year-on-year, mainly due to recovering commodity prices. Oil prices were US$62.3/bbl, 61% higher year-on-year (US$38.7/bbl) and weighted average gas prices were US$5.9/mmbtu, 8% higher year-on-year (US$5.4/mmbtu).
  • EBITDA in the second quarter 2021 was US$159million, slightly below first quarter EBITDA despite higher oil prices due to unplanned downtime and the associated costs in our international and Aceh assets.
  • Net Profit in 1H-2021 was US$46.5 million. All three business segments reported profit with Oil & Gas US$88 million, Power US$22 million and Amman Mineral Nusa Tenggara (AMNT) US$33 million as Phase 7 performance continues to ramp up and were offset by headquarters and financing charges.
  • Capital expenditures were US$28 million consistent with the lower activity during COVID-19 restriction in 1H-2021. Expenditure will increase in the second half but full-year capital expenditure will remain inside the Company’s 2021 guidance.
  • Cash and cash equivalents at 1H-21 were US$551 million. Consolidated debt was US$2.6 billion, down 14% from 1H-2020. Restricted group3 debt was US$2.2 billion, down US$$442 million year-on-year with Net Debt3 US$1.8 billion and Net Debt to EBITDA1 3.1x.
  • The Company will continue to proactively manage its liabilities and deleverage quarter on quarter. All 2021 and 2022 IDR Bonds maturities, US$123 million are secured in escrow.

Operational Highlights

Oil and Gas

  • Oil & Gas production was 94 mboepd, down 7% from 1H-2020 due to maintenance and unplanned downtime, with domestic gas demand continuing to be subdued during Indonesia’s second quarter COVID lockdowns. Oil & Gas production cost per unit was US$9.6 per boe.
  • Oil & Gas capital expenditure was spent progressing several Oil & Gas development projects in the South Natuna Sea Block B PSC. These developments will continue into 2022 with first gas on the Hiu field expected in 2Q-2022, first gas on Belida Extension Project in 4Q-2022 and first oil on the Forel field and gas on Bronang field expected in 4Q-2023.

Medco Power

  • Medco Power generated sales of 1,355 GWh in 1H-2021 with approximately 33% from renewable sources. Power sales rose by 19% year-on-year, mainly due to improving steam performance at Sarulla Geothermal offset by lower electricity demand in Batam during local lockdowns.
  • Power capital expenditure was spent to continue commissioning the 275 MW Riau IPP, construction of the 26 MWp PV facility in Sumbawa and the 30 MW Phase-1 geothermal development at Ijen.
  • Medco Power announced that with a consortium it will develop a 100 MW pilot Solar Power Import Project with an installed generation capacity of 670 MWp from Indonesia to Singapore at Bulan Island, Kepulauan Riau Province following the award of an in-principle import license from Singapore’s Energy Market Authority.


  • AMNT produced 103.1 Mlbs of copper and 55 Koz of gold. Pit ore mining from Phase 7 is continuing as is the development of Phase 8.
  • AMNT won two Mining Practice Awards from the Indonesian Energy and Mineral Resources Ministry for its contribution to the environmental and conservation management.

2021 Full Year Guidance

 Company 2021 guidance:

  • Oil & Gas production 95 mboepd
  • Power sales 3,000 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$150 million and Power US$65 million


Hilmi Panigoro, President Director, said “I am pleased to see our improved performance. The announcement of the Bulan Island Solar Power Project is another step towards our Climate Change Strategy and I fully endorse MedcoEnergi's commitment to achieve Net Zero by 2050.”

1Annualized and excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
2PT Medco Energi Internasional Tbk (“MedcoEnergi”, “Medco” or “Company”)
3Excluding Medco Power