Medco Energi Acquires All Shares of ConocoPhillips Indonesia

PT Medco Energi Internasional Tbk on Wednesday announced the signing of an agreement to acquire all shares issued by ConocoPhillips Indonesia Holding Ltd (CIHL) of Phillips International Investment Inc, a subsidiary of ConocoPhillips. CIHL holds 100 percent of ConocoPhillips (Grissik) Ltd (CPGL) and a 35 percent stake in Transasia Pipeline Company Pvt Ltd.

The transaction value is estimated at US$1.3 billion, which will be one of the largest upstream oil and gas industry transactions in Southeast Asia in recent years.

Medco Energi CEO Roberto Lorato said the transaction continued the company's track record in providing value-added through acquisitions and according to climate change strategies. The acquisition will further strengthen
MedcoEnergi's position in Southeast Asia and generate strong synergies with the working area in Sumatra. It is hoped that this transaction will be completed in the first quarter of 2022.

Medco Energi President Director Hilmi Panigoro said the acquisition of the Corridor Block was in line with the company's strategy, namely to own and develop high-quality assets and generate positive cash flows. "For all operations, we are committed to maintaining high standards of work safety, environmental preservation, and social responsibility," Hilmi said on Wednesday.