Medco ready to take over Aceh blocks

Publicly listed oil producer PT Medco Energi International Tbk and a foreign oil firm will next month finish to conclude their negotiation on the acquisition of two production blocks in Aceh, Medco president director Hilmi Panigoro told Petromindo.Com Thursday.

"We will finalize our preparation in about two weeks before taking over the blocks," Hilmi said on the sidelines of an electricity seminar. He did not elaborate.

Medco said recently it would soon take over two blocks in the troubled Aceh province currently owned by a foreign oil firm as part of its massive expansion plan.

Medco officials refused to unveil the name of the foreign company and negotiated prices for the Aceh blocks.

Medco, listed on the Jakarta Stock Exchange, had planned to acquire this year some oil and gas blocks from existing operators. (godang)