Medco takes over two oil and gas blocks in Aceh

PT Medco Energi Internasional Tbk will soon take over two oil and gas blocks in Aceh currently owned by a foreign oil company as part of the company?s massive expansion plan, Bisnis Indonesia reported on Thursday.

The company?s finance director Sugiharto said in Jakarta on Wednesday that Medco and the present owner of the two oil and gas blocks were finalizing the takeover plan. But he refused to unveil the name of the company that owns the oil and gas blocs.

?Next week we will disclose details of the acquisition including its price,? he said, adding that the acquisition of the two oil and gas blocks in Aceh would bring a message to other investors that the security uncertainty in the troubled province should not discourage investors.

Medco has allocated about US$250 million in its budget this year to acquire oil and gas blocs from existing operators. The company hopes that this year it would be able to acquire about 20 oil and gas blocks.(*)