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, 05 December 2023 |

MedcoEnergi Announces Full Year 2022 Audited Results

Media Release


MedcoEnergi Announces Full Year 2022 Audited Results

Summary Results


  • EBITDA US$1,593 million
  • Net Income US$531 million
  • Net Debt to EBITDA2 1.4x
  • Cash Flow from Operations US$1,116 million
  • Cash and cash equivalents US$737 million


  • Oil & Gas production 163 mboepd
  • Power generated sales 3,993 GWh
  • Oil & Gas cash costs US$6.9 per boe
  • Capital expenditures US$302 million

Jakarta, March 31, 2023 – PT Medco Energi Internasional Tbk1 announces its Full Year 2022 Audited financial results.

Roberto Lorato, CEO said, “I take great pleasure in announcing our 2022 results. MedcoEnergi reached new heights, strong core operational results with increased production following the Corridor acquisition, and new projects placed into service in both Oil & Gas and Power segments, coupled with high commodity prices. In addition, improved ESG ratings have further recognized our long term efforts in this area.”

Financial Highlights

  • Net Profit US$531 million, more than ten times higher year on year, EBITDA US$1,593 million, more than double year on year. Cash Flow from Operations US$ 1,116 million, up 154% year on year.
  • Average oil and gas prices were US$96.2/bbl and US$8.2/mmbtu respectively.
  • EBITDA in the fourth quarter was lower due to reclassifications following signing Sale and Purchase Agreements for Sinphuhorm, Thailand and Chim Sao, Vietnam non-operated assets. The sale of Sinphuhorm closed in Q1-2023.
  • Oil & Gas capex was US$269 million principally to place into service two new Natuna gas development projects, Power capex was US$33 million spent to complete the Riau 275MW Gas-fired IPP and Sumbawa 26 MWp Solar PV facilities.
  • New projects were also initiated, a 34MW geothermal development, Ijen Phase 1 and an LNG regasification project together with further Natuna and Corridor PSC developments.
  • Deleveraging accelerated through cash tender offers and bond buybacks retiring US$456 million USD Notes. Of the US$850 million Corridor acquisition debt, US$415 million has been repaid in 2022.
  • Cash and cash equivalents at year end were US$737 million.
  • Consolidated Debt was US$3.2 billion, Restricted Group2 Debt US$2.7 billion, RG Net Debt2 US$2.1 billion and RG Net Debt to EBITDA2 1.4x, another best ever result for MedcoEnergi
  • Last year, a final 2021 US$35 million dividend and a US$25 million 2022 interim dividend were paid. The final 2022 dividend will be announced after the AGMS.
  • The ESG rating from both Sustainalytics and MSCI improved, making note of the Company's safety performance and management of Safety, Environmental, Social, and Governance risks.

Operational Highlights

Oil & Gas

  • Oil & Gas production was 163 mboepd, up 73% year-on-year.
  • Production cash cost was US$6.9 per boe.
  • Several new gas development projects were completed in the South Natuna Sea Block B. The Hiu field was placed into service in June, and Malong and Belida fields in December.
  • A Key Terms Sheet was signed with SembCorp for a second gas sales contract to Singapore, monetizing recent Natuna discoveries.
  • A new Gas Sales Agreement was signed with Gas Supply Pte Ltd. to continue supplying gas from the Corridor PSC to Singapore.


  • Medco Power generated sales of 3,993 GWh up 47% year-on-year following the start-up of Riau 275MW IPP in February and the Sumbawa 26MWp PV solar facility in June.
  • Final investment decisions were made to develop the 34MW Phase 1 geothermal facility in Ijen, East Java, and the 77MMSCFD Sumbawa LNG regasification terminal.
  • Medco Power and other Indonesia energy companies signed a Memorandum of Understanding (MoU) to collaborate with several Original Equipment Manufacturers towards the development of renewable energy and supply chain opportunities between Indonesia and Singapore.
  • Other MoUs were signed with PLN, Sembcorp and Kansai to collaborate on a range of Energy Transition projects.

Amman Mineral Nusa Tenggara (AMNT)

  • Copper production 464 Mlbs, up 99% and gold production 731 Koz, up 367% year-on-year, following the continued ramp up of Phase 7. Average realized copper prices were US$3.56/lbs.

2023 Full Year Guidance

       2023 Full Year Guidance:

  • Oil & Gas production 160 mboepd
  • Power generated sales 4,000 GWh
  • Oil & Gas cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$250 million and Power US$80 million

Hilmi Panigoro, President Director, said “This is our best-ever performance, both operationally and financially, several significant milestones were completed to establish foundations for continued success.”

1PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”)
2Excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)