Medco confirms interest to up stake at Aceh gas block

IDX-listed energy firm PT Medco Energi Internasional TBk said is interested in increasing stake at Block A gas block onshore Aceh following plan by partner UK firm Premier Oil plc?s plan to sell entire interest in the block.

?Medco is interested to take over Premier?s stake in the block,? President Director Lukman Mahfoedz told Petromindo.com on Friday.

Separately, Eddy Hermantoro, Upstream Director at the Ministry of Energy and Mineral Resources said that Premier has requested to open the block?s data room for interested parties.

Petromindo.Com source earlier said that Premier is planning to sell its 41.67% non-operating interest in the block. Medco is the block?s operator with equal stake, with the balance held by Japanese firm Japex.

The block is expected to start production in 2013-14, supplying 110 MMCFD of gas to Aceh fertilizer maker PT Pupuk Iskandar Muda and 15 MMCFD to a power plant operated by state power firm PLN in East Aceh.(godang)