Medco drills three exploration wells

JAKARTA. PT Medco Energi International Tbk is now focusing on exploration and production, not only in Indonesia but also in several overseas countries. 

The company’s president Lukman Mahfoedz said that the company has been drilling three exploration wells since September last year. 

According to Lukman, the company is also focused on exploration and production projects in Libya, Oman, the US and several other countries.

In Libya, Medco only controls 2.5 percent, with 50 percent held by NOC (Libya’s National Oil Company), tambang.co.id reported. In overseas operations, Medco not only plays the role as a partner but also an operator, he said.

“Not a partner but an operator. So for the expansion purposes, “we need people with expertise in exploration and production,” he said.

As of the first quarter of 2014, the company’s working capital expenditure reached around US$84 million, compared to $37 million in the corresponding period of 2013.

Meanwhile, the company will allocate $280 million to implement its new projects, including those in Libya.