Medco shortlists prospective buyers for E&P assets sale

State oil, gas company PT.Pertamina, IDX-listed oil, gas firm PT.Energi Mega Persada and Pacific Oil, gas Indonesia are among short-listed bidders to acquire Medco Energi International Tbk?s interest in oil, gas blocks in Sumatra and Java.

A Petromindo.Com source said that the three companies had submitted their respective proposals, but declined to give further detail.

Medco officials were not available for comment.

Among the assets Medco wished to sell are 18.75 percent interest in Kakap PSC in Natuna Sea, 25 percent in Tuban JOB onshore East Java, 22.5 percent in Jeruk discovery in Sampang PSC offshore East Java, 15 percent interest in its 95-percent owned maturing oil production block Rimau PSC onshore South Sumatra, 30 percent of interest in Bawean block offshore East Java where it has 65 percent interest; 25 percent interest at Lematang PSC onshore South Sumatra where it has 75 percent interest. The company also plans to farm-out its entire 80 percent interest in Langsa PSC offshore North Sumatra.

Medco Chief Commissioner Hilmi Panigoro said in April 2008 that the sale is expected to be completed in the third quarter of this year.(godang)