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Medco raises stakes in Block A, Aceh by acquiring Japex shares

JAKARTA (rambuenergy.com) – PT Medco Energi Internasional Tbk (MEDC) said it has acquired 16.66 percent shares of Japan’s Japex  in Block in East Aceh, raising Medco’s interest in the block to 58.33 percent.

Prior to the acquisition, Medco, through its unit PT Medco E&P Malaka, owns 41.67 percent shares in Block A, KrisEnergy 41.66 percent and Japex of Japan 16.67 percent.

CEO of Medco Energi Roberto Lorato said in a statement Monday that the acquisition shows Medco’s commitment to develop the block.

Recently, Medco has appointed a consortium comprises of PT Encona Inti Industri and PT JGC Indonesia as contractor to develop production facilities of Block A in East Aceh.

The company expects gas production can be started in early 2018 at a volume of 63 BBTUD. Medco expects the consortium will complete up to 98 percent of the production facilities by end 2017.

The gas from the block will be transferred via Pertamina Arun Belawan gas pipeline network to meet gas demand of industries in Aceh and North Sumatra.

Medco in November last year held groundbreaking ceremony to mark the construction of Block facilities.

The block has gas reserves of 526 billion cubic feet. (*)

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