Address: The Energy 52nd Fl. SCBD Lot 11A Jl. Jend. Sudirman The Energy 52nd Fl. SCBD Lot 11A Jl. Jend. Sudirman The Energy 52nd Fl. SCBD Lot 11A Jl. Jend. Sudirman Jakarta 12190, Indonesia
Tel: +62-21 2995 3000
Company descriptionMedcoEnergi is the first Indonesian company operating in the oil & gas exploration and production business listed in Jakarta Stock Exchange since 1994. Now, MedcoEnergi has transformed itself from local company to become an energy company operating in Indonesia and overseas, with focus on Oil and Gas, power generation and renewable fuels.
Our oil and gas exploration and production activities began when MedcoEnergi acquired Tesoro’s exploration and production contracts in East Kalimantan (TAC and PSC) in 1992 and 100% shares of PT Stanvac Indonesia from Exxon and Mobil Oil in 1995. Furthermore, along with the entrance of Mr. John Sadrak Karamoy in 1992.
The successful Initial Public Offering (IPO) in 1994 supported MedcoEnergi to expand the business into chemical industry which utilized gas reserves from the Tarakan Block. A Joint Operating Management Agreement with Pertamina to operate Pertamina’s methanol plant at Bunyu island, East Kalimantan was then
signed in 1997.
In 2004, MedcoEnergi expanded its existing upstream oil and gas activities by acquiring 100% shares of Novus Petroleum Ltd, an Australian oil and gas publicly listed company which had operations in Australian, United States of America, the Middle East and South East Asia, including Indonesia. In that same year, MedcoEnergi also started the operations of an LPG plant, which processed associated gas from oil production in the Kaji/Semoga fields into condensate, lean gas and LPG. Simultaneously, MedcoEnergi also started entering into gas fired power generation business.
Now MedcoEnergi has transformed itself into an integrated energy company with business involvement in oil and gas exploration and production, drilling services, methanol production and most recently, LPG production and power generation.
MedcoEnergi aims to continuously increase its oil and gas production within the next five years, enabling the Company to grow as a company with market capitalization of more than USD 1 billion.
Products and servicesMedcoEnergi’s oil and gas activities in Indonesia focus on upstream activity, exploration, development and production of crude oil and natural gas.
MedcoEnergi’s upstream activities began with its 1992 acquisition of Tesoro’s Oil and Gas E&P contracts (Sanga-Sanga/Samboja/Tarakan Blocks TAC and Tarakan Block PSC) in East Kalimantan, MedcoEnergi proceeded to successfully demonstrate its capability in redeveloping and improving the production of mature fields in East Kalimantan. The success in enhancing the performance of mature fields in East Kalimantan, on top of the successful stocks IPO in early fourth quarter 1994, strengthened MedcoEnergi’s confident and abiliy to expand its upstream activities. In 1995 the Company acquired PT Stanvac Indonesia, which held Oil and Gas E & P contracts (PSCs) in South Sumata from Exxon and Mobil Oil.
This expertise of MedcoEnergi in managing mature areas became more apparent with the discovery of new oil fields in the Rimau PSC Block, Kaji and Samoga, which contained the largest potential crude oil reserves in Indonesia at the time in 1996. In the efforts to sustain and increase the Company’s oil and gas reserves and production, aside from undertaking exploration and development of existing fields, MedcoEnergi also participated in several PSC tenders that are offered by the Government or other PSC operators. These efforts have since won the trust of both the Government and PSC operators, enabling the Company to win or acquired participating interests that are tendered.
All of the interests of MedcoEnergi’s Indonesian oil and gas blocks are held through wholly owned subsidiaries of MedcoEnergi Corporate. Meanwhile, the exploration, development and production activities in Indonesia are managed and performed either directly through PT Medco E&P Indonesia (MEPI), a major Indonesian Oil and Gas E&P subsidiary of MedcoEnergi Corporate, or jointly with strategic partners. MEPI is also responsible to supervise the operations of the Company’s Indonesian oil and gas blocks operated by strategic partners.