Legal! MEDC completes 20% acquisition of two oil and gas blocks in Oman

Jakarta, PT Medco Energi Internasional Tbk (MEDC) has completed the acquisition of a 20% interest in two exploration and production sharing agreements (EPSAs) in the Sultanate of Oman from OQ Exploration & Production LLC (OQEP).

The corporate actions carried out by Medco Energi over EPSA related to Block 60 production and 20% ownership of Block 48 exploration EPSA. Both productions are located on land, precisely in the western part of Oman near the border of Saudi Arabia.

"This acquisition strengthens MedcoEnergi's reputation in sustainability and gas development initiatives, and presents a new center to continue developing low-cost production," said MEDC President Director Hilmi Panigoro in an official statement, quoted on Tuesday (12/12/2023).

In detail, Block 60 covers an area of 1,485 km2 and produces 63 mboepd from the Bisat oil field and Abu Butabul gas field. The contract with EPSA for the project will expire in 2048.

Meanwhile, Block 48 covers an area of 2,995 km2 and has significant oil and gas potential. It is located adjacent to Block 60.

OQEP will remain the operator of both blocks and will facilitate the exchange of expertise in gas exploration, field development, technology application and sustainability processes through the placement of MedcoEnergi employees in joint operations and bilateral corporate assignments.

For information, OQEP is the third largest producer in Oman and is a subsidiary of OQ Group SAOC, a global integrated energy group owned by the Sultanate of Oman. 

Sources : CNBC INDONESIA- Dec 13.23

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