JAKARTA. The owner of PT Medco Energi Internasional Tbk. (MEDC), Hilmi Panigoro, laid out the acquisition strategy for 2023. The company will direct its attention to gas acquisition rather than oil assets, following MEDC’s commitment in supporting global green energy transition initiatives.

Panigoro further mentioned that acquisition is one of the alternatives that could be considered should the price of the energy commodity decline. On the contrary, when the price skyrocketed, the company should focus on exploration. “Here’s the rule of thumb, when the oil price soars, we tend to boost exploration as the assets become expensive. However, during the price downturn, we will choose acquisition,” he stated during the Mandiri Investment Forum 2023 last Wednesday (1/2).

Furthermore, Panigoro also highlighted that MEDC will consider to invest more on gas assets rather than oil, as MEDC aims to continue supporting energy transition. “We will focus more on gas as it holds the key to energy transition. If any affordable oil assets were out there, then that would be good, as well,” he added.

Meanwhile, for the acquisition, MEDC will seek assets in locations not much further from Indonesia. Specifically, in 2023, the company will direct its attention on Southeast Asia. (AM/ZH)