Medco Energi's Oil and Gas Production Up 73%

By Editorial Team 02/12/2022
oil and gas exploration
Summary

PT Medco Energi Internasional Tbk's (MEDC) oil and gas production reportedly hit 161 billion barrels of oil equivalent per day (MBOEPD) in the third quarter of this year, up 73 percent year-on-year. With this achievement, Medco has increased the pro forma of its 2022 oil and gas production guidelines to 160 from 155 MBOEPD. For the production cost, the company sets it at around US$7.2 per BOE. "Encouraging progress has also been made on the development of Natuna and Corridor, including the signing of a new Gas Purchase Agreement [GSA] with Gas Supply Pte Ltd [GSPL]," MedcoEnergi CEO Roberto Lorato said in a press release on Thursday.

Medco has spent US$150 million in capex for the oil and gas segment, mainly to finance several development projects in the South Natuna Sea Block. He also revealed that Hiu Field has been operational since June. "The Belida Extension Project will distribute its first gas at the end of this year," he said.

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