Medco, Anadarko sign joint venture agreement
Anadarko to invest US$80 million in Medco
Tuesday, July 26 2005 - 11:52 AM WIB
Indonesian energy firm PT Medco Energi Internasional signed on Tuesday an agreement with PT Anadarko Indonesia Company, the subsidiary of American energy giant Anadarko Petroleum Corporation, allowing the latter to take part in the former?s exploration activities.
Anadarko will invest US$80 million in the exploration activities at Medco?s oil and gas blocks in Sumatra, Java, Sulawesi and Papua for three years and the firm will, in return, get 40 percent of the oil and gas discovered during the exploration, Medco?s acting CEO Rahsjid I Mangunkusumo told reporters on Tuesday.
?Medco will invest US$130 million in exploration activities over the period of three years, $80 million of which will come from Adarko,? Rahsjid said.
Rahsjid noted that Medco would continue to become the operator of its fields with Anadarko as a partner.
Present during the press conference were Anadarko Indonesia?s president and general manager Greg Lanham and Anadarko International Energy Company?s vice president John Harkin. (Godang)