JAKARTA - PT Medco Energi Internasional Tbk (MEDC) will spend at least US$ 1.89 million to fund the oil and gas exploration activities of its four subsidiaries. Those subsidiaries are PT Medco E&P Indonesia, PT Medco E&P Natuna, PT Medco E&P Lematang, and Karim Small Fields.
As quoted from the disclosure of company information, PT Medco E&P Indonesia will spend US$ 940,908 for its exploration activities in the South Sumatra Block field. It will conduct 2D seismic survey operations in Q4 2019. In addition, a number of permits and environmental studies are being carried out prior to the exploration.
Medco E&P Natuna will spend US$ 620,772 for its exploration activities in South Natuna Sea Block B. The project is planned to be carried out in Q4 2019.
Medco E&P Lematang will spend US$ 20,102 in the Lematang Block for 2D seismic survey operations which are planned for Q1 2020. A number of permits and environmental studies for this project have been completed. As for Karim Small Fields, it will spend US$ 317,591 for its drilling activity in Oman. (LK/AR)