Medco to allocate US$50m for exploration projects overseas next year
Thursday, December 14 2006 - 02:07 AM WIB
JSX-listed oil and gas company Medco Energi International Tbk. said that it plans to allocate US$50 million for oil and gas exploration projects overseas next year, Bisnis Indonesia reported Thursday.
Medco?s President Director Hilmi Panigoro said that a plan is underway to boost oil and gas exploration in overseas countries to meet the company?s production target of 15 percent per year.
On September 8 of this year, Panigoro said that Medco was awarded four exploration contracts in the Unites States and one in Libya, Oman and Cambodia respectively.
The company was also awarded two exploration blocks in Yemen, namely blosk 83 and 84. Medco holds 45 interest in the blocks.
Medco will team up with Indian Oil Corp. and Kuwait Energy Co. to conduct the exploration project in Yemen. The Indian Oil Corp. and Kuwait Energy Co own 30 percent and 25 percent in the project respectively. (*)