MedcoEnergi signs a new E&P contract in Oman

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MedcoEnergi signs a new E&P contract in Oman

PT Medco Energi Internasional Tbk, through its wholly-owned subsidiary, Medco Arabia Ltd. has announced a majority participation in a new Exploration & Production Sharing Agreement in Oman, Block Oman 56.

The contract was signed by the Minister of Oil and Gas of Oman, Dr. Mohammed bin Hamad Al Rumhy. The contract is between the Government of Oman and the company, together with a local partner Intaj LLC. In this consortium, Medco has the majority working interest and the operatorship of Oman 56.

Oman 56 is located in the prolific Oman Salt Basin. With an area of 5,808 km² and three identified technical discoveries, it has an estimated oil in place of 370 million barrels with six other potential prospects. MedcoEnergi is committed to drill three exploration wells in the first exploration period.

Oman 56 will add to MedcoEnergi’s international portfolio with assets in Oman, Libya, Yemen, Tunisia, USA and Papua New Guinea.

MedcoEnergi has been in Oman since 2006 as operator of the Karim Small Fields (KSF) service contract. Oman 56 is located adjacent to KSF with similarities in geology and advantage in synergy of operations.

Lukman Mahfoedz, President Director & CEO of MedcoEnergi said,

“Oman 56 is one of the biggest exploration acreages in Oman and has a large hydrocarbon potential. It further asserts our presence in the Middle East & North Africa region, specifically in Oman. I am confident that in this block we can repeat the success story of our KSF operations, given our outstanding operational performance and very good safety track record so far.”

“This acquisition is in line with the Company’s strategy to strengthen the E&P portfolio of assets through high-graded exploration activities, in support of our business growth in the near future.”

MedcoEnergi has been in Oman since 2006 as operator of the Karim Small Fields (KSF) Service Contract. Oman 56 is located adjacent to KSF with similarities in geology and advantage in synergy of operations.

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