Medco hopes Libya venture to start production in 2015
Tuesday, January 29 2013 - 02:47 AM WIB
IDX-listed oil and gas firm PT Medco Energi Internasional hopes that is venture in Libya to start production in 2015.
The company?s senior officials led by President Director Lukman Mahfoudz are in Libya to hold talks and sign contract with the Libyan Investment Authority and Libya National Oil Corporation for the development of the necessary production facilities.
Medco?s Chief Exploration and New Ventures Officer, Faiz Shahab said that the signing of the contract came after the company conducted the exploration and exploitation stages.
He said that the company was hopeful that the Libya venture start production stage in 2015. Medco projected production to reach 50,000-100,000 bpd from 18 wells already detected to contain oil.
He said that the company was also looking for the support of the Indonesian Embassy in Libya as it aims to continue search for new ventures in Libya particularly to invest in fields already left by former operators.
Editing by Reiner Simanjuntak