Medco Put Fund USD400 Million in Libya
Stock Report April 26th, 2010
JAKARTA – PT Medco Energy International Tbk (MEDC) plans to sign with government approval Commercially Libya Libya-related projects in this March.
Furthermore, the company will form a joint venture with the state peusahaan Libya, Libyan Investment Authority (LIA) with a portion of ownership 50-50.
“Medco will invest half (USD400 million) of total project investment block approximately USD800 million Libyans,” said Commissioner MEDC Hilmi Panigoro in Jakarta, Wednesday (10/3/2010).
Furthermore, Hilmi said the project funding process is submitted to the MEDC subsidiary in Libya. Joint venture to work on the project, just starting out three years after the operation. “In three years will begin to produce. Approximately 50 thousand barrels per day,” he added.
Meanwhile, the related projects in Yemen, MEDC is doing the exploration-drilling on two blocks in Yemen. The company also has opened a branch office in Yemen. Where the company has a stake of 45 percent of the project there.
On the other hand, identifies the starting block LION producing gas in April 2010 will increase gas production capacity of 130 million MEDC cubic feet to 180 million cubic feet. Hilmi said the current focus of the company working on the project LION. “The project will produce gas LION approximately 50 million cubic feet,”
