Jakarta, May 27, 2024 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) announces the divestment of its holding in Contract Area 47, Libya to the National Oil Corporation of Libya ("NOC”). 

MedcoEnergi and NOC have agreed the transfer of the Company’s entire (50%) participating interest in the Contract Area 47 Exploration and Production Sharing Agreement (“EPSA”), and its entire (24.5%) shareholding in the Joint Operating Company, Nafusah Oil Operations B.V.  The divestment also settles all claims and counterclaims under the arbitration between MedcoEnergi and NOC, which the two entities have agreed to withdraw.

Roberto Lorato, MedcoEnergi's CEO, said, “This divestment aligns with MedcoEnergi's strategy to continuously upgrade our portfolio through targeted acquisitions and divestments.  We appreciate NOC's cooperation during the transaction.”