Medco not to up stake at Aceh gas block
Thursday, June 16 2011 - 01:25 AM WIB
IDX-listed firm PT Medco Energi Internasional Tbk may not exercise its right to acquire Premier Oil?s 41.67 percent interest at Aceh Block A gas block that was being put on sale.
Medco Energi?s President Loekman Mahfoedz told Petromindo.Com that the company is concentrating on its role as operator to bring the block into production, reversing his earlier statement that Medco is interested to up stake in the block.
The block is operated by Medco, which shares equal stake with Premier, with the balance held by Japanese firm Japex.
The block is expected to start production in 2013-14, supplying 110 MMCFD of gas to Aceh fertilizer maker PT Pupuk Iskandar Muda and 15 MMCFD to a power plant operated by state power firm PLN in East Aceh. (godang)