PT. Medco energi internasional tbk to take over the ownership of south natuna sea block B

eksplorasi.id

Pt medco energi internasional is to take over the ownership of natuna sea block B after the agreement with conocophillips who will sell 40% of its share to Pt. medco energi internasional. 

The transaction that was initially at september 19th, 2016 will be expected to finsih by the end of the year. PT medco was also informed to acquire conoscophillips singapore operations pte ltd.Through this medco has the rights to manage west natuna transportation system along the waters of riau island. However, the contract value is not yet revealed by both company.

The chief executive officer of medco roberto lorato claimed that the acquisiton will give more production of 35% oil and gas per year.
Medco looks forward to integrate important assets to portofolio of upstream medco energy.

The deputy of oil and gas dzikurullah said that the transition will be held after the transaction compelety made by both companies. He also ensures that all conocophillips workers to still work in south natuna after the acqusition.