Medco to acquire new oil block

Publicly listed energy company PT Medco Energi Internasional is seeking to acquire a new oil block in Indonesia to increase its reserves, Antara reported

Company Secretary Andy Karamoy said negotiations are in the final stage to acquire the oil block.

Karamoy refused to name the oil block, saying negotiations are still underway.

Medco, an Indonesian private oil company, has been aggressive in acquiring oil blocks to increase its oil reserves.

Recently it acquired Perkasa Equatorial Sembakung Ltd, a subsidiary of Synergy Petroleum Limited, for US$29.7 million.(*)