JAKARTA. PT Medco Energi Internasional Tbk (MEDC) has reportedly divested its shares in Area 47 contract located in Libya and transferred them to Libya National Oil Corporation (NOC).

The management of MEDC said that this corporate action is in line with the strategy of portfolio enhancement through targeted acquisition and divestment. "We appreciate NOC's cooperation throughout the transaction," said Roberto Lorato, President Director of MEDC.

Meanwhile, Siendy K. Wisadana, Corporate Secretary of MEDC, also confirmed that the company and NOC have agreed to transfer all participating shares of the company, amounting to 50%, in the exploration and production sharing agreement in Area 47 contract. In addition, the company has also agreed to divest 24.5% of its shares in a joint venture called Nafusah Oil Operations B.V.

"This divestment also concludes all claims and lawsuits under arbitration between Medco Energi and NOC, all of which have been agreed to be dropped by both entities," said Wisadana.

According to IDNFinancials data, MEDC had previously divested all of its shares in Ophir Vietnam Block 12W B.V. (OVBV) to Bitexco Energi Company Limited. OVBV is known as a company that claims control over 31.87% of participating rights in Vietnam oil and gas field production. (KR/ZH)