Medco hopes to complete gas deal with PIM in 60 days
Monday, October 21 2013 - 01:11 AM WIB
IDX-listed energy company PT Medco Energi Internasional Tbk hopes to be able to conclude within the next 60 days the current negotiations with state-owned fertilizer firm PT Pupuk Iskandar Muda (PIM) over gas sales and transport from the Matang field in Block A, East Aceh, Aceh.
This was said by PT Medco Energi Internasional President Director Lukman Mahfoedz to Petromindo.com Monday.
Lukman said that the gas sales and gas transport agreements would become the basis for the Final Investment Decision (FID) of the Block A.
PT Medco EP Indonesia, a subsidiary of Medco Energi, is the operator of the Block A PSC, which it acquired in 2007, with a participating interest of 41.67 percent. Other partners are Premier Oil (41.67 percent) and Japex (16.66 percent).
The company announced in May of this year it has made a gas discovery in the Matang-1 exploration well within the Block A PSC.
Editing by Reiner Simanjuntak