Medco signs $240m EPC contract with JGC and JEC
Wednesday, March 30 2016 - 09:56 AM WIB
IDX-listed oil and gas firm PT Medco Energi Internasional Tbk announced on Wednesday that its subsidiary PT Medco E&P Malaka has signed a EPC contract worth US$240 million with PT JGC Indonesia and PT Encona Inti Industri (JIC) for the development of Block A PSC in Aceh.
First gas from the block is expected to flow in the first quarter of 2018, which will be channeled to state owned oil and gas firm PT Pertamina (Persero)
Medco and Pertamina signed a gas sales and purchasing agreement in January 2015 to supply the latter with 58 bBtu per day or a total volume of 198 tBtu over a period of 13 years.
?The signing (of the EPC contract) marks the first phase of development and monetization plan of Block A reserves,? Medco?s CEO Roberto Lorato said.
The block is 41.6 percent owned by Medco (operator) and 41.66 percent by KrisEnergy and 16.67 by Japex.
Editing by Johannes Simbolon