From Asia Times

Medco buys 50% of gas field

JAKARTA - Publicly traded energy company PT Medco Energi Internasional said its wholly owned subsidiary Medco Far East Limited has acquired a 50 per cent stake in Block A gas field in Aceh.

Medco Far East in cooperation with its working partners Japan Petroleum Exploration Co Ltd (Japex) and Premier Oil Natuna Sea BV (Premier) acquired the entire shares of Mobil Block A Limited, which has a 50% interest in the Block A Production Sharing Contract (KPS Block A).

KPS Block A was a joint venture between Mobil Block A Limited, a subsidiary of ExxonMobil, and ConocoPhilips with a 50% share split.

Block A is a major gas field expected to be able to replace Arun gas field in supplying gas for industries including fertilizer factories in Aceh.

(Antara/Asia Pulse)
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