PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") is pleased to announce that it has received Royal approval to acquire 20% interests in two blocks in Oman. The transaction is now expected to complete in December 2023.
MedcoEnergi will acquire from OQ Exploration & Production LLC (“OQEP”), a 20% interest in the Block 60 producing license and a 20% interest in the Block 48 exploration license, both located onshore in west central Oman. Block 60 holds two producing fields; Bisat oil field and Abu Butabul gas field. OQEP is a global integrated energy company with its roots in Oman. OQEP currently operates three blocks in Oman (8, 48 and 60) and is a participant in a number of production and exploration joint ventures both in Oman and Kazakhstan. OQEP will remain the Operator of both Blocks.
Hilmi Panigoro, President Director stated “This acquisition is in line with our strategy of owning and developing high-quality, cash-generative assets with great growth potential. Once completed, the acquisition will increase MedcoEnergi's daily production by ~13 MBOEPD and contribute significantly to future gas and liquids reserves.”
