Medco Close to Acquiring Oil, Gas Assest in MENA Region

Medco Energi Internasional is close to acquiring overseas oil and gas fields as early as next month, Jakarta Post reported citing a top executive.

“We are completing the commercial negotiations, which are now in their final stages. However, unless we have signed an agreement we cannot say everything is complete; anything can happen,” Medco president director, Lukman Mahfoedz, said.

The announcement regarding the development will likely come in July. Without giving details, he said that the oil and gas blocks were located in Middle Eastern and North African countries.

Medco operated several oil and gas blocks in Indonesia which include threecoal bed methane (CBM) blocks: Sekayu, Muralim and Lematang in South Sumatra. The company also operated in US, Libya, Yemen and Oman.