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Medco sells all its stakes in Bawean PSC

JAKARTA (RAMBUENERGY.com) – PT Medco Energi Internasional Tbk, through its subsidiary Medco Bawean (Holding) Pte Ltd, has signed sales and purchase agreement with HyOil (Bawean) Pte Ltd (HyOil) on September 1, 2016, to sell its 100 percent participating interest in Bawean PSC by selling its shares in Camar Resources Canada Inc. (CRC) and Camar Bawean Petroleum Ltd (CBPL).

PSC Bawean is located in offshore East Java and currently producing 670 barrels of oil per day (bopd).

“This divestment is in line with our plan to rationalize the company’s portfolio in order to focus only on assets that showing high growth,” CEO MedcoEnergi, Roberto Lorato, said in a statement Monday (Sept. 9).

Roberto views that this divestment provides value added to shareholders of MedcoEnergy and HyOil.

Medco has operated PSC Bawean since 2004 through its ownership in CRC. The PSC contract in developing the block will expire in 20131, in line with the contract signed 20 years ago by the Indonesian government. (*)

 

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