MedcoEnergi marks 20 years of operations in Oman
Monday, May 18 2026 - 04:49 PM WIB
By Romel S. Gurky
Energy company PT Medco Energi Internasional Tbk (MedcoEnergi) (IDX: MEDC) marked 20 years of operations in Oman and reaffirmed its long-term commitment to the Gulf country during an event held in Muscat on May 17.
The event was attended by Omani Minister of Energy and Minerals Eng. Salim bin Nasser bin Said Al Aufi, prominent Omani economist and academic His Highness Sayyid Dr. Adham bin Turki Al Said, government officials and company partners.
Oman was MedcoEnergi’s first expansion into the Middle East and remains one of the key assets in its international portfolio. Since 2006, the company has operated the Karim Small Fields (KSF) under a service agreement with Petroleum Development Oman.
In 2015, Petroleum Development Oman extended MedcoEnergi’s operating agreement for KSF by another 25 years through 2040.
Over the past two decades, the partnership has produced more than 110 million barrels of oil, drilled over 500 wells and delivered seven new field discoveries.
Read also: Medco seeks extensions for five upstream oil and gas blocks
MedcoEnergi said its Oman operations employ more than 200 workers, with Omani nationals accounting for 86% of the workforce. The company also collaborates with the Oman Institute for Energy to develop local graduates for the energy sector.
As of March 2026, KSF had recorded six consecutive years without a lost-time incident and surpassed 13 million lost-time incident-free man-hours, the company said.
MedcoEnergi has also expanded its portfolio in Oman through cooperation with OQ Exploration & Production. In 2023, the company acquired a 20% participating interest in Blocks 60 and 48.
Block 60 produced an average of 67,800 barrels of oil equivalent per day gross in 2025 and reached a peak of 77,200 barrels of oil equivalent per day in October, according to the company.
Appraisal activities are continuing at Block 48 ahead of a potential declaration of commerciality. MedcoEnergi also owns a 5% interest in Block 56, which entered structured field development after its declaration of commerciality in 2024.
President Director Hilmi Panigoro said the company plans to continue investing in Oman through KSF and Blocks 60, 48 and 56, while supporting capability development aligned with Oman Vision 2040.
Editing by Alexander Ginting