Medco completes acquisition of South Natuna Sea Block B PSC

IDX-listed energy company PT Medco Energi Internasional Tbk announced Thursday it has completed the acquisition of ConocoPhillips Indonesia Inc Ltd (CIIL) and ConocoPhillips Singapore Operations Pte. Ltd. (CSOP), both of which are subsidiaries of ConocoPhillips (COP).

CIIL, which is the operator of the South Natuna Sea Block B PSC with a 40 percent interest, is also the operator of the West Natuna Transportation System (WNTS). CSOP operates an onshore receiving facility in Singapore.

WNTS infrastructure along with the Malaysia gas pipeline network will continue to hold important role in the commercialization of oil and gas findings and exploration activities in the Natuna region, Medco said in the statement.

?Our main priority is to maintain security of operation and continuity of business. That?s why, we?re committed to maintain the existing organization, and to continue planned drilling programs in 2017 and beyod. We?ll also maintain the scale of operation and SNSB world class infrastructure including standards of health, safety, environment and the best social performance in its class,? said Medco Energi CEO Roberto Lorato in the statement.

Editing by Reiner Simanjuntak