JAKARTA. PT Medco Energi Internasional Tbk (MEDC) has been granted approval from Sultanate of Oman to acquire 20% ownership in 2 oil and gas blocks, Block 60 and 48.

Hilmi Panigoro, President Director of MEDC, said that this acquisition follows the company’s strategy to acquire and expand high-quality assets, which will generate cash and immense growth potential. “This acquisition will increase MEDC’s daily production of ~13 MBOEPD and significantly contribute to future oil and gas reserves,” he added in the official disclosure.

MEDC has targeted that the acquisition transaction will be completed by December 2023. After this acquisition, the company will acquire 20% of production license of Block 60, and another 20% of Block 48.

The production license of both blocks was initially in the hands of OQ Exploration & Production LLC (OQEP). MEDC reveals that OQEP is a global energy company headquartered in Oman, and now operates 3 blocks in Oman.

According to IDNFinancials data, MEDC also recorded participation in Nimr - Karim Area (Karim Fields), which is located in Oman. As of September 30, 2023, MEDC’s portion in Karim Fields was 58.50%. (KR/ZH)