Medco hopes GSA with PIM to be signed soon
Friday, February 28 2014 - 07:00 AM WIB
IDX-listed PT Medco Energi International Tbk hoped that it and state owned oil and gas firm PT Pupuk Iskdandar Muda can sign this month the gas sales agreement (GSA) for the gas supply from the former?s gas field.
?I hope (matters related to) the GSA can be resolved and (the GSA can be) signed at the end of this month,? said the company?s President Director Lukman Mahfoedz to Petromindo.com on Thursday.
He said the decision is now for PIM to make and Medco has been waiting for the GSA for a long time.
"The negotiation has been too long. I think it should be faster,? Lukman added.
The company is planning to sell gas from Matang field in Block A in Aceh to PIM. The GSA will become the basis for the final investment decision (FID) of the Block A, which is operated by Medco?s subsidiary PT Medco EP Indonesia, with a participating interest of 41.67 percent. Other partners are Premier Oil (41.67 percent), and Japex (16.66 percent).
Editing by Johannes Simbolon