Medco stops operation in Libya due to unrest

Indonesia-listed energy firm PT Medco Energi Internasional Tbk has suspended operation in Libya since Feb. 21 due escalation of unrest in the country.

Medco's director Lukman Mahfoedz said in a statement to the Indonesian Stock Exchange that nine of the foreign workers in the field had been evacuated and sent back to their respective home countries.

"On Feb. 25, the company evacuated nine overseas workers to their respective home countries in Europe and Indonesia. About 85 percent of the workers are locals living in Tripoli,? he said. ?The foreign workers will be sent back when the condition has turned to normal,? he added.

Lybya operates 17 oil and gas wells in Area 47 block in Libya. In 2008, the company found about 351,7 million barrels of oil equivalent in reserve in 2009. In 2010, the company found another oil reserve of about 146 million barrels of oil equivalent. (kanti)