Medco Shines Brighter Following Oman Oil and Gas Block Acquisition

By Editorial Team 30/11/2023
Oman Indonesia
Summary

PT Medco Energi Internasional Tbk (MEDC) has received approval from the Sultanate of Oman to acquire a 20 percent stake in two oil and gas blocks in Oman. Medco Energi's management announced on Wednesday that the transaction is expected to be completed by December 2023.

MedcoEnergi President Director Hilmi Panigoro stated that this acquisition aligns with the company's strategy to develop high-quality assets. "This acquisition will increase MedcoEnergi's daily production by 13 MBOEPD [Million Barrel Equivalent Oil per Day]," he said.

MedcoEnergi will acquire the oil and gas blocks from OQ Exploration & Production LLC (OQEP), gaining a 20 percent ownership in the production license of Block 60 and a 20 percent stake in the exploration license of Block 48, both located onshore in central-west Oman.

Block 60 includes two production fields, the Bisat Oil Field and the Abu Butabul Gas Field. OQEP is a global integrated energy company headquartered in Oman. OQEP currently operates Block 8, Block 48, and Block 60 and is involved in several joint venture exploration assets in Oman and Kazakhstan.

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