Energy Minister: Medco Wants 10% of Shell's PI in Masela Block

Summary

Energy and Mineral Resources (ESDM) Minister Arifin Tasrif revealed that PT Medco Energi Internasional Tbk (MEDC) is interested in acquiring part of Shell Upstream Overseas Services Limited's (Shell) participating interest (PI) in the Masela Block. "Medco considers 10 percent. The government is okay with it. It is up with the consortium, what to do with the 35 percent (of Shell's PI)," Arifin said on Wednesday. The government is forming a consortium to take over Shell's PI in the Masela Block, with PT Pertamina as a member. "Pertamina is still calculating (to take how much) and is in progress," he said.

Upstream Oil and Gas Special Regulatory Task Force's (SKK Migas) head Dwi Soetjipto claimed many investors are interested in acquiring Shell's PI. The task force will bring potential buyers together with the Dutch energy company. He revealed that the consortium replacing Shell in the Masela Block would consist of two to three companies, depending on the negotiations.

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