LogIn LogOut

MedcoEnergi completes Conoco Natuna deal

November 22, 2016

PT Medco Energi Internasional Tbk (MedcoEnergi) has completed the acquisition of ConocoPhillips Indonesia Inc. (CIIL) and ConocoPhillips Singapore Operations (CSOP), both subsidiaries of ConocoPhillips (COP).

CIIL is the operator of the South Natuna Sea Block B PSC (SNSB) with a 40% working interest and is also the operator of the West Natuna Transportation System (WNTS). CSOP operates the onshore receiving facility (ORF) in Singapore. The WNTS infrastructure together with the Malaysian pipeline is, and will continue to be the focal point for the commercialization of existing discoveries and ongoing exploration activity within the Natuna area.

Roberto Lorato, CEO of MedcoEnergi said: “Our immediate priority is to maintain safe operations and business continuity. Hence, our commitment to maintain the current organization and to continue with the planned drilling program in 2017 and beyond.  We will also maintain SNSB’s world-class operating scale and infrastructure together with its best-in-class health, safety, environmental and social performance standards”.

Hilmi Panigoro, president director of MedcoEnergi said: “Following our recent completion of the purchase of the PT Newmont Nusa Tenggara, this transaction is the second major milestone for the company this year. With the addition of SNSB, not only will MedcoEnergi gain access to a world-class integrated offshore oil and gas operation, but also strengthen its position as Indonesia’s premier independent energy and natural resources company.” 

Read more:

Medco buying Conoco’s Natuna stake



Current News

Cooper's Sole Offshore Gas Field to Go Online by February End

Cooper's Sole Offshore Gas Field to Go Online by February End

Where Next for Exploration in Asia Pacific?

Where Next for Exploration in Asia Pacific?

Pertamina, Petronas Swapping Crude Oil

Pertamina, Petronas Swapping Crude Oil

China Cuts Gasoline, Diesel Retail Prices

China Cuts Gasoline, Diesel Retail Prices

Petronas Carigali Charters Alam AHTS

Petronas Carigali Charters Alam AHTS

Petrofac Lands Huge Offshore Deal with ADNOC

Petrofac Lands Huge Offshore Deal with ADNOC

Petronas' 2nd FLNG Sets Sail for Malaysian Offshore Field

Petronas' 2nd FLNG Sets Sail for Malaysian Offshore Field

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week