Medco says not interested to take over Premier?s stake in Aceh
Monday, March 10 2014 - 01:34 AM WIB
IDX-listed energy firm PT Medco Energi Internasional Tbk is not interested to take over Premier Oil?s interest in Aceh Block A PSC, onshore Aceh.
?Medco is currently focusing on making final investment decision to develop the block, which is targeted to be reached in April this year,? CEO Lukman Mahfoedz told Petromindo.Com over the week end.
Medco is the operator of the block with 41.67 percent interest. Premier, who also holds 41.67 percent interest in the block, has recently published its intention to sell stake in the block.
Medco has signed deal to supply 110MMCFD of gas per day to state electricity firm PT PLN (Persero) and is in the process to sell 55 MMCFD of gas to Aceh fertilizer maker PT Pupuk Iskandar Muda (PIM) starting 2016.
Editing by Alexander Ginting