Indonesia's Medco Energi Plans to Acquire Six Oil, Gas Blocks

Medco Energi Internasional is exploring the possibilities of acquiring stakes in six oil and gas blocks in Indonesia as well as in the Middle East and North African (MENA), Jakarta Post reported citing a top executive.

“We are evaluating two blocks in Indonesia and about four blocks in MENA countries. All will depend on the commercial assessment,” Medco president director Lukman Mahfoedz said. According to Lukman, owners of the blocks have invited Medco to jointly develop the oil and gas blocks.

Medco is planning to set aside $270 million in capital expenditures to finance its major development project next year as well as $70 million for exploration activities, particularly for its projects in Yemen and Libya, the news report said.