Medco Energi inks MOA with GOM Resources

IDX-listed PT Medco Energi Internasional Tbk said it has signed a memorandum of agreement (MOA) with GOM Resources Sdn Bhd to cooperate in oil and gas field development and the Risk Service Contract (RSC) projects in Malaysia as well as other exploration and production opportunities in the region.

GOM Resources is a wholly owned subsidiary of Puncak Oil & Gas Sdn Bhd, which in turn is a wholly owned subsidiary of Puncak Niaga Holdings Berhad. GOM Resources is a service provider as well as contractor for offshore installation and construction in the Malaysian oil & gas industry.

Medco said in a statement Wednesday that this MOA signing commenced the mutual cooperation in the area of oil and gas project development and production operations for both companies. The two companies will jointly carry out the evaluation and study of technical data and commercial assessment to the viability of opportunities identified. The MOA is also expected to further develop a shared knowledge and collaborative effort between the two companies.

Editing by Reiner Simanjuntak