Medco quits Merangin
Thursday, October 17 2013 - 03:00 PM WIB
By Alexander Ginting
IDX-listed energy firm PT Medco Energi Internasional Tbk reported on Thursday that its contract on Merangin I PSC exploration block onshore Jambi has ended on October 14, 2013 and the company is in the process of returning the bock to SKK Migas.
Medco had 80 percent interest in the block with the balance held by Japan?s Mitsui Oil Exploration Co. (MOECO).
The block was awarded in 2003. Medco has drilled several wells in the block but apparently failed to make commercial discovery.