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, 28 May 2024 |

MedcoEnergi Announces First Semester 2023 Results

Media Release


MedcoEnergi Announces First Semester 2023 Results

Summary Results


  • EBITDA US$634 million
  • Net Income US$119 million
  • Net Debt to EBITDA1 1.8x
  • Cash and cash equivalents US$604 million


  • Oil and gas production 162 mboepd
  • Power generated sales of 2,003 GWh
  • Oil and gas cash costs US$7.4 per boe
  • Capital expenditures US$127 million

Jakarta, 2 October 2023 – PT Medco Energi Internasional Tbk announces its audited first semester 2023 results.

Roberto Lorato, CEO, said, “First half 2023 performance was robust with increased gas volumes and the Natuna Bronang platform placed into service. Oil prices were 30% lower year-on-year, but have since recovered. The IPO of AMMN in July was a great success and exports have now been accelerated to make up for the delays in the first half.”

Financial Highlights

  • Net Profit US$119 million and EBITDA US$634 million. First half results were lower year-on-year due to the lower contribution from AMMN and lower realized oil and gas prices, partially offset by higher volumes.
  • Medco share of AMMN net profit was US$27 million, down by US$103 million from the first half of 2022. This was due to a four-month deferral in copper and gold sales following a delay in renewing AMMN’s export permit. AMMN continued operations during the delay and restarted exports in July.
  • Oil & Gas production was 162 mboepd, up 6% year-on-year.  However average Oil & Gas prices were US$75.2/bbl and US$7.2/mmbtu respectively, down US$29.1/bbl year-on-year from the US$104.4/bbl in 2022. 
  • Capital expenditures were US$127 million, spent mainly on progressing the Natuna, Corridor and Ijen developments.
  • Cash and equivalents were US$604 million, Net Debt US$2.5 billion and Net Debt to EBITDA1 1.8x.
  • Medco distributed a 2022 dividend of ~IDR39 per share and is on track to fully repay the US$850 million Corridor acquisition debt by Q1 2024. 

Operational Highlights

Oil and Gas

  • Oil & Gas production was 162 mboepd, up 6% year-on-year and cash costs US$7.4/bbl.
  • Oil & Gas capital expenditure US$99 million mainly to progress Natuna and Corridor developments.
  • Placed into service the Natuna Bronang platform utilizing minimal facilities and solar panels.
  • Awarded the Beluga exploration PSC located close to MedcoEnergi's existing South Natuna Sea Block B infrastructure.
  • Initiated Carbon Capture Sequestration (CCS) studies with international partners on the Natuna and Corridor reservoirs.
  • Received four awards from SKK Migas for Project Performance, Assurance and Consulting Excellence at the 4th International Convention on Indonesia Upstream Oil & Gas.
  • Received Subroto award on Corridor PSC from the Ministry of Energy and Minerals. 

Medco Power

  • Power sales were 2,003 GWh, an 8% increase year-on-year, with additional sales from the Riau 275MW gas-fired IPP and Sumbawa 26 MWp solar PV facilities.
  • Power capital expenditure was US$28 million, mainly to progress the development in Ijen Geothermal.
  • The Energy Market Authority (EMA) of Singapore awarded a Conditional Import License to Medco Power and its consortium for a 600MW solar project.
  • The Ijen geothermal development is on track for completion by December 2024, with 2 of the 4 production wells now undergoing long term testing.


  • Following the IPO, AMMN market capitalization is ~US$26bn, with MedcoEnergi ownership ~21%.
  • Production resumed faster than expected following the recent heavy rainfall and AMMN expects to reach or exceed its 2023 full year production guidance.
  • Construction on the smelter is on schedule with expected completion above 70% by December.

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 "With its strong operational performance, Singapore’s award of a Conditional Import Licence for a 600MW solar project and the successful IPO of AMMN, I am pleased that MedcoEnergi is delivering long-term value and returns for its shareholders as well as contributing to the Energy Transition efforts of our country."

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