MedcoEnergi

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]

PT Medco Energi Internasional Tbk

The Energy Tower in Jakarta, where the headquarters of MedcoEnergi is located
Company type	Public
Traded as	IDX: MEDC
Industry	Oil and gas, Power Generation, Coal Mining, Gas Pipeline, Drilling Services
Founded	9 June 1980; 43 years ago (1980-06-09)
Headquarters	Jakarta, Indonesia
Key people	Hilmi Panigoro, President Director Roberto Lorato, CEO
Products	Crude Oil, Natural Gas, Electricity, Gold, Copper
Revenue	US $ 1,438.2 million (2019)^[1]
Operating income	US $ 660 million (2019)^[1]
Net income	US $ (27) million (2019)^[1]
Total assets	US$ 6.006 billion (2019)
Total equity	US$ 1.356 billion (2019)
Owner	PT Medco Daya Abadi Lestari (51.50%)
Number of employees	4,000 (2019)
Website	www.medcoenergi.com

History

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

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

See also

• List of petroleum companies

References

1. "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.

External links

• Official website