Medco Spent $5 million on Two Oil, Gas Blocks in Jan-Feb

Indonesia’s PT Medco Energi Internasional has spent $4.8 million in the first two months of this year for its exploration activities at its two oil and gas blocks in Indonesia.

The two blocks are Rimau Block in Musi banyu Asin, South Sumatera and Senoro-Toili Block in Central Sulawesi.

PT Medco E&P Indonesia, the oil and gas upstream subsidiary of Medco, realised an average oil production of 31 thousand barrels per day and gas production of 157 MMSCFD as of February.

Medco Energi allocated $356 million for its capital expenditure this year for explorations and business development.  The company plans to drill 29 wells in Indonesia. Twenty are production wells and nine exploration wells. Medco also plans to drill 30 exploration wells in Oman and two in Meksiko Bay, US.