Medco expects flat output

IDX-listed energy company PT Medco Energi Internasional Tbk expects a relatively flat oil and gas output this year as it sets production target of 55,000-60,000 boepd, compared to realized output of 56,000 boepd last year, Bisnis Indonesia reported Monday quoting Medco President Director Lukman Mahmoedz.

Medco also aims to complete the Donggi Senoro LNG project in Central Sulawesi this year, with maiden LNG output expected in June, and first shipment in September or October, Lukman said.

Regarding its oil and gas assets overseas, Lukman said that the oil and gas block in Tunisia has started production, while the block in Libya is still at the stage of front end engineering design, which is expected to be completed next month, in the hope that production can start in 2018.

Meanwhile, Medco founding owner Arifin Panigoro was quoted by Kontan as saying Monday that the company plans to set up a biodiesel production facility in Manokwari, West Papua, near the group?s oil palm plantation.

He, however, did not say when the biodiesel plant would be constructed, although appealing for incentive from the government amid the absence of infrastructure facilities in West Papua. (*)