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 | Sunday, 26 May 2024 |

MedcoEnergi Announces First Quarter 2023 Results

Media Release


MedcoEnergi Announces First Quarter 2023 Results

Summary Results


  • EBITDA US$327 million
  • Net Income US$82 million
  • Net Debt to EBITDA1 1.7x
  • Cash and cash equivalents US$683 million


  • Oil and gas production 165 mboepd
  • Power generated sales of 1,053 GWh
  • Oil and gas cash costs US$6.2 per boe
  • Capital expenditures US$58 million

Jakarta, 23 May 2023 – PT Medco Energi Internasional Tbk announces its First Quarter 2023 results.

Roberto Lorato, CEO, said, “We have made a great start to 2023, with robust operational results supported by increased regional demand for energy, leading to new GSAs and investment decisions. Our continuous focus on cost efficiencies has delivered excellent Oil & Gas unit costs.”

Financial Highlights

  • Net Profit US$82 million and EBITDA US$327 million, both reflecting higher production compared to Q1-2022, offsetting lower than 2022 oil prices.
  • Average Oil & Gas prices for Q1-2023 were US$77.1/bbl and US$7.4/mmbtu respectively.
  • Capital expenditures in the quarter were US$58 million, spent mainly on delivering Natuna and Corridor new Oil & Gas developments, and the Ijen geothermal IPP. 
  • Consolidated debt was US$3.1 billion, Restricted Group2 debt US$2.6 billion. 
  • On track to fully repay Corridor US$850 million acquisition debt by mid-2024. US$472 million has already been paid since March 2022.
  • Cash and cash equivalents were US$683 million with Net Debt US$2.4 billion, and Net Debt to EBITDA1 1.7x.
  • Oil & Gas cash costs fell to US$6.2 per boe from US$7.6 per boe in Q1-2022, supported by synergies and lower costs at Corridor.
Operational Highlights

Oil and Gas

  • Oil & Gas production was 165 mboepd, up 30% year-on-year. Full-year production guidance for 2023 is 160 mboepd.
  • Oil & Gas capital expenditure was US$47 million; spent progress new development projects in Corridor and the South Natuna Sea Block B PSC. 

Medco Power

  • Power sales were 1,053 GWh, a 26% increase year-on-year, with additional sales from full contribution of Riau 275MW gas-fired IPP and Sumbawa 26 MWp solar PV facilities.
  • Final investment decisions were made to develop the 34MW Phase 1 geothermal facility in Ijen, East Java. Development drilling is ongoing, the facility will be placed into service in 2024.  
  • 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.


  • AMNT Copper production 91 Mlbs and Gold production 150 Koz, following the ramp-up of Phase 7 production. Copper prices rose by 11% to US$5.0/lbs.

2023 Full Year Guidance

 Company 2023 guidance:

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


Hilmi Panigoro, President Director, said “I am very pleased with our excellent performance in the first quarter of 2023. We will submit our recommendation for the final 2022 dividend at the upcoming AGMS in late May.”

1Annualized and excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
2Excluding Medco Power