Medco Energi International has announced the successful completion of the acquisition of the entire share capital of ConocoPhillips Indonesia Holding Ltd. ('CIHL') from Phillips International Investments Inc., a subsidiary of ConocoPhillips.
CIHL wholly owns ConocoPhillips (Grissik) Ltd ('CPGL'), the Operator of the Corridor PSC with a 54% working interest and a 35% interest in Transasia Pipeline Company Pvt. Ltd.
The Corridor PSC has two producing oil fields and seven producing gas fields located onshore South Sumatra, Indonesia, adjacent to MedcoEnergi’s existing operations in South Sumatra. The majority of production is sold under long-term gas contracts to high quality Indonesian and Singapore counterparties. Through Transasia, MedcoEnergi now owns a minority interest in the gas pipeline network supplying Central Sumatra, Batam, and Singapore customers.
The acquisition of ConocoPhillips Indonesian Assets fits with the Company’s strategy of owning and developing high quality and cash flow generating assets. It strengthens MedcoEnergi’s position as Indonesia’s leading independent energy and natural resources company and reaffirms the Company’s commitment to Indonesia’s national development. The acquisition will also provide synergies with its Sumatra operations and further support its Climate Change, including carbon capture opportunities.
Source: Medco Energi
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