Jakarta, 25 July 2023 – The Indonesian government, through the Ministry of Energy and Mineral Resources (MEMR) has awarded the Beluga Block oil and gas working area to PT Medco Energi Internasional Tbk (MedcoEnergi). The announcement was made at the 47th Indonesia Petroleum Association Conference and Expo at Indonesia Convention Exhibition, BSD City, Tuesday (25/7).

MedcoEnergi will  pay  a signature bonus of USD100,000 and implement a firm work commitment of USD8 million over the next three years. Beluga is located near to MedcoEnergi’s existing Operated, South Natuna Sea Block B PSC which would allow a rapid monetization of the Beluga resources through the existing infrastructure.

Ronald Gunawan, Chief Operating Officer of MedcoEnergi said “MedcoEnergi appreciates the trust shown by the Government of Indonesia and the opportunity to develop this new PSC.”