Medco to make extra $320m investment in Tunisia
Thursday, September 18 2014 - 05:12 AM WIB
IDX-listed PT Medco Energi International Tbk will make an additional investment of US$320 million to help finance the development of Cosmos and Yasmin oil and gas offshore blocks in Tunisia, North Africa, according to a top official of the firm.
"The additional investment will be used for the Cosmos and Yasmin block projects so that production can be increased up to approximately 16,000 boepd," President Director of Medco Lukman Mahfoedz told Petromindo.com Thursday.
The company has previously spent $127.7 million to acquire and finance the working capital of Storm Ventures International (SVI), the concession holder of the oil and gas blocks.
Medco said in June that upon completion of the SVI acquisition, it anticipates adding 2P reserves and oil-and-gas production (net working interest before royalties, taxes and government take) by 12.3 MMBOE and 2,800 BOEPD, respectively.
Editing by Reiner Simanjuntak