Medco Completes Oman Oil and Gas Block Acquisition

By Editorial Team 14/12/2023
oil and gas exploration
Summary

PT Medco Energi Internasional Tbk (MEDC) has completed the acquisition of a 20 percent ownership in two Exploration and Production Sharing Agreements (EPSAs) within the Sultanate of Oman from OQ Exploration & Production LLC (OQEP). Medco has acquired a 20 percent ownership interest in the producing EPSA Block 60 and a 20 percent ownership interest in the exploratory EPSA Block 48. "This acquisition reinforces Medco Energi's reputation in sustainability initiatives and gas development while introducing a new hub for further low-cost production development," Medco President Director Hilmi Panigoro stated on Dec 12.

Both Block 60 and Block 48 are situated onshore, specifically in western Oman near the Saudi Arabian border. Block 60 encompasses an area of 1,485 square kilometers and produces 63 million barrels of oil equivalent per day (MBOEPD) from the Bisat oil field and the Abu Butabul gas field. The EPSA contracts are set to expire in 2048. Meanwhile, Block 48 covers an area of 2,995 square kilometers with significant potential for oil and gas exploration.

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