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MedcoEnergi

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PT Medco Energi Internasional Tbk
Company typePublic
IDXMEDC
IndustryOil and gas, Power Generation, Coal Mining, Gas Pipeline, Drilling Services
Founded9 June 1980; 44 years ago (1980-06-09)
HeadquartersJakarta, Indonesia
Key people
Hilmi Panigoro, President Director
Roberto Lorato, CEO
ProductsCrude Oil, Natural Gas, Electricity, Gold, Copper
RevenueDecrease US $ 2,25  billion (2023)[1]
Decrease US $ 660 million (2019)[1]
Decrease US $ 330,67 million (2023)[1]
Total assetsIncrease US$ 7,46 billion (2023)
Total equityIncrease US$ 2,02 billion (2023)
OwnerPT Medco Daya Abadi Lestari (51.50%)
Number of employees
4,000 (2019)
Websitewww.medcoenergi.com

PT Medco Energi Internasional Tbk or MedcoEnergi is an Indonesian oil and gas company. The company operates in Trading and Holding & Related Operations, Exploration for and Production of Oil & Gas, Power, Services, Chemicals and Rental of properties.[2]

History

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The company was founded by Indonesian businessman Arifin Panigoro in 1980 and is headquartered in Jakarta, Indonesia.[3][4] In October 2015, the company bought an interest in the Singa gas field in the Lematang Block located in South Sumatra for $22 million[5] and, in May 2019, the company acquired Ophir Energy in a deal valued at $517.6 million.[6]

Also in 2015, the company acquired the Lundin Petroleum AB's Indonesian Oil & Gas asset for $22 million.[7] In 2020, the company started producing gas from the Meliwis Field in East Java.[8]

In December 2021, MedcoEnergi reached a deal with ConocoPhillips to acquire the assets of ConocoPhillips Indonesia Holding Ltd (CIHL). The acquisition was expected to be concluded in the first quarter of 2022.

Overview of personnel

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The group's current President Director is Hilmi Panigoro. Roberto Lorato serves as the group's Director and CEO.[9][10]

See also

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References

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  1. ^ a b c "Annual Report 2018". MedcoEnergi. p. 19. Retrieved 23 May 2019.
  2. ^ "Medco Energi Internasional". marketwatch. Retrieved November 14, 2020.
  3. ^ "Medco Energi Lands on the Map As It Discovers New Frontiers". Wall Street Journal. 20 November 2007. Retrieved 23 May 2019.
  4. ^ "Moody's Affirms MedcoEnergi Rating B1 Amid the Oil Prices War". theinsiderstories. March 25, 2020. Retrieved November 14, 2020.
  5. ^ "Lundin sells Indonesian assets for $22M". Offshore Energy Today. 9 October 2015. Retrieved 23 May 2019.
  6. ^ "Medco completes Ophir acquisition". Offshore Magazine. Retrieved 23 May 2019.
  7. ^ "Medco buys Lundin's Indonesian business". ogj. October 9, 2015. Retrieved November 14, 2019.
  8. ^ "Medco starts producing gas from Meliwis field". idnfinancials. July 20, 2020. Retrieved November 16, 2020.
  9. ^ "PT. Medco Energi Internasional Tbk". idnfinancials. Retrieved November 16, 2020.
  10. ^ "Roberto Lorato". oilandgascouncil. Retrieved November 16, 2020.
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