Medco looks for new partner to develop S .Sumatra oil, gas block

IDX-Listed energy firm PT Medco Energi Internasional said on Tuesday that it is looking for a new partner to develop Merangin I PSC, onshore South Sumatra, after Thai firm PTT Exploration & Production PCL pulled out from the block.

Medco has invited a number of parties to see the data room, and that there are some companies which have expressed interest in the block, the company?s president director Darmoyo Doyoatmojo said without give further details.

PTTEP through its subsidiary PTTEP Merangin Company Limited had a 39 % stake in the block prior to withdrawal.

Currently, Medco holds an 80% stake in the block and MOECO, a subsidiary of Japan?s Mitsui Oil Exploration hold the remaining. (bernard)