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 | Thursday, 01 June 2023 |

MedcoEnergi Completes Acquisition of ConocoPhillips Indonesia Assets

Media Release


MedcoEnergi Completes Acquisition of ConocoPhillips Indonesia Assets

Jakarta, 3 March 2022 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) announces the successful completion of the acquisition of the entire share capital of ConocoPhillips Indonesia Holding Ltd. (“CIHL”) from Phillips International Investments Inc., a subsidiary of ConocoPhillips Company (“COP”).

CIHL wholly owns ConocoPhillips (Grissik) Ltd (“CPGL”), the Operator of the Corridor PSC with a 54% working interest and a 35% interest in Transasia Pipeline Company Pvt. Ltd. (“Transasia”).

The Corridor PSC has two producing oil fields and seven producing gas fields located onshore South Sumatra, Indonesia, adjacent to MedcoEnergi’s existing operations in South Sumatra. The majority of production is sold under long-term gas contracts to high quality Indonesian and Singapore counterparties. Through Transasia, MedcoEnergi now owns a minority interest in the gas pipeline network supplying Central Sumatra, Batam, and Singapore customers.

The acquisition of ConocoPhillips Indonesian Assets fits with the Company’s strategy of owning and developing high quality and cash flow generating assets. It strengthens MedcoEnergi’s position as Indonesia’s leading independent energy and natural resources company and reaffirms the Company’s commitment to Indonesia’s national development. The acquisition will also provide synergies with its Sumatra operations and further support its Climate Change Strategy, including carbon capture opportunities.


2022 Full Year Guidance 

Post Transaction, MedcoEnergi 2022 pro forma guidance will be as follows: 

    • Oil & Gas production 155 mboepd
    • Power sales 3,500 GWh
    • Oil & Gas unit cash costs below US$10/boe
    • Capital expenditures for Oil & Gas US$275 million and Power US$50 million