Medco relinquishes Sekayu CBM block
Monday, June 19 2017 - 10:19 AM WIB
IDX-listed firm PT Medco Energi Internasional Tbk through its subsidiary PT Medco CBM Sekayu has relinquished the Sekayu CBM PSC in South Sumatra, according to a senior official of the firm.
?We have returned the Sekayu CBM block to government. Currently, it is still in the process of relinquishment,? Chief Operating Officer of Medco Ronald Gunawan told Petromindo.com on Monday.
The Sekayu CBM PSC was awarded and signed on May 27, 2008 to a 50:50 consortium of PT Medco CBM Sekayu and South Sumatra Energy Inc. The signing of the CBM block marked the first time the government awarded a PSC for exploration and development of CBM in Indonesia.
Ronald said that instead of non-conventional oil and gas, the company is now focused on conventional oil and gas development. Medco previously had three CBM blocks.
"We've sold the Lematang CBM block to Sugico, meaning we transfer all our shares to Sugico. The sale is still in process, not yet closed. Then another block namely the Muralim CBM block in South Sumatra, we maintain it, that means we are still there, with NuEnergy (ASX-listed NuEnergy Gas Limited),? he said.
Last year, PT Medco CBM Lematang and PT Saka Energi Indonesia divested their entire interests in the Lematang CBM block to partner PT Methanindo Energy Resources, a subsidiary of PT Sugico Graha.
Editing by Reiner Simanjuntak