Medco eyeing more overseas, Indonesia blocks

JSX-listed top Indonesian oil firm PT. Medco Energi Internasional Tbk. is looking to add its exploration portfolio in Libya and Middle East as well as in Indonesia to utilize excess cash it had, a company official was quoted by Kompas daily as saying Wednesday.

Director Rashid Mangunkusumo tiold the daily currently Libyan government is offering 14 exploration blocks, 10 of which are located onshore. Medco, he said is interested in acquiring onshore blocks.

Medco has already 50 percent interest in Ghadames Basin in northwest Libya together with partner operator Canadian oil firm Verenex Energy Inc.

Rashid did not say which part of Middle East the company was interested in.(*)