May 20, 2011

Medco to spend US$400 mio capex

PT Medco Energi Internasional Tbk, an iil and gas company that is controlled by Panigoro family, has budgeted capital expenditure (capex) for the next 4 years at US$400 million. 
“About 70% fund is from loan, while the remaining 30% from internal cash,” President Director Medco Energi Internasional Lukman Mahfoedz.
Lukman is now the new president director of Medco, replacing his predecessor Darmoyo Doyoatmojo and Syamsurizal Munaf, former executive of Bahana Group, is in charge as Finance Director, replacing former PwC auditor Cyril Noerhadi. 
Talking about Medco performance, Lukman said that the company expects to boost production of oil to 90,000 barrels by 2014-2015, relying on its fields in Bawean, Blok A Nanggroe Aceh Darussalam, and South Sumatra.
Through its subsidiary Medco Medco Tunisia Anaguid Ltd, the company partner with OMV Anaguid Ltd in getting concession right to develop Durra field in Anaguid, Tunisia.
In Anaguid field, Medco Energi owns 40% shares, while OMV Anaguid Ltd is the operator with 60% shares.

Disclosure: No position at the stock mentioned above.

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