Latest news with #HilmiPanigoro
Yahoo
27-06-2025
- Business
- Yahoo
Medco Energi acquires stake in Repsol's Indonesian gas operation for $425m
Indonesian oil and gas operator Medco Energi Internasional has reached an agreement with Spanish energy company Repsol E&P to acquire a 24% stake in the Corridor Production Sharing Contract (Corridor PSC), indirectly held by Fortuna International, for $425m (Rp6.88trn). The transaction is expected to enhance Medco Energi's portfolio, with completion anticipated in the third quarter of 2025 (Q3 2025). The Corridor PSC, situated onshore in South Sumatra, Indonesia, comprises seven producing gas fields and one oilfield. The gas from these fields is sold under long-term contracts to buyers in Indonesia and Singapore, ensuring a stable revenue stream. MedcoEnergi president director Hilmi Panigoro said: "This acquisition supports our strategy of owning and developing high-quality, cash-generative assets and reaffirms our commitment to national development where natural gas is a vital bridge to a lower-carbon future.' Medco Energi reported EBITDA (earnings before interest, taxes, depreciation and amortisation) of $332m in Q1 2025, surpassing its figures from Q4 2024. This financial uptick is attributed to effective cost management strategies, although it has been partially offset by seasonal variations leading to reduced gas demand. Repsol, with a presence in more than 20 countries, is focusing on its upstream business to prioritise more lucrative assets. This divestment aligns with its strategy to concentrate on assets with higher profitability and cash generation capabilities. The sale is expected to positively influence Repsol's financials, with an estimated $70m boost to its annual income, reported Reuters. Moreover, the transaction will contribute to a reduction in Repsol's net debt of approximately $350m, underscoring the deal's strategic financial benefits. In December last year, GeoPark signed binding sales and purchase agreements to acquire Repsol's upstream oil and gas assets in Colombia. "Medco Energi acquires stake in Repsol's Indonesian gas operation for $425m" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Forbes
27-06-2025
- Business
- Forbes
Tycoon Hilmi Panigoro-Backed Medco Energi To Buy Repsol's Indonesian Gas Field Stake For $425 Million
The exhibit by Medco Energi International Tbk at the Indonesia Petroleum Association (IPA) ... More Convention in Tanggerang, Banten, Indonesia, on Tuesday, July 25, 2023. Photographer: Dimas Ardian/Bloomberg Medco Energi Internasional—backed by tycoon Hilmi Panigoro and his family—has agreed to buy Spanish energy giant Repsol's 24% stake in the Corridor Block for $425 million, giving it a controlling interest in Indonesia's third-largest gas field. Once the transaction is completed in the third quarter of this year, Medco's stake in the Corridor Block will increase to 70%, while Indonesian state-run Pertamina Hulu Energi Corridor will hold the rest, the Jakarta-listed company said in a statement on Thursday. "This acquisition supports our strategy of owning and developing high-quality, cash-generative assets and reaffirms our commitment to national development where natural gas is a vital bridge to a lower-carbon future,' Hilmi Panigoro, president director of Medco Energi said in the statement. Located in South Sumatra, the Corridor Block—comprising seven gas fields and an oil field—produced 58,000 barrels of oil equivalent per day last year. It has long-term contracts with customers in Indonesia and Singapore. Medco Energi has been scaling up its oil and gas assets. Last year, it produced over 124,000 barrels of oil equivalent per day, according to its latest annual report. With a net worth of $3.25 billion, Panigoro and his family are among the wealthiest in Indonesia. Medco Energi, which was founded in 1980 by his late brother Arifin, teamed up with billionaire Agoes Projosasmito in 2016 to buy Amman Mineral for $2.6 billion. The mining firm went public in 2023, raising $710 million from its IPO.
Yahoo
05-02-2025
- Business
- Yahoo
MEDCOENERGI IMPROVES MSCI ESG RATING TO "AA"
JAKARTA, Indonesia, Feb. 5, 2025 /PRNewswire/ -- PT Medco Energi Internasional Tbk (MedcoEnergi) has received an upgrade to its MSCI ESG rating, from "A" to "AA". This recognition positions MedcoEnergi as a leader in sustainability within the exploration and oil and gas industry. The MSCI ESG rating assesses companies based on their ability to manage ESG risks compared to industry peers. Companies are ranked as leaders (AAA, AA), average (A, BBB, BB), or laggards (B, CCC). Operating in a high-risk sector, MedcoEnergi has demonstrated strong ESG management, exceeding industry standards. The company's latest rating upgrade is its third upgrade in five years, reflecting consistent enhancements in ESG performance. MedcoEnergi has strengthened its community development programs in the last five years and issued standalone Human Rights Policy in 2024. The company is also advancing its emission reduction initiatives in line with its Net Zero commitments for Scope 1 and 2 by 2050, and Scope 3 by 2060. Additionally, MedcoEnergi has maintained a Total Recordable Injury Rate well below the International Association of Oil & Gas Producers (IOGP) overall and Asia/Australasia regional averages. "This upgrade to 'AA' from MSCI acknowledges our sustainability efforts and reinforces our commitment to integrating ESG into all aspects of our operations," said Hilmi Panigoro, President Director of MedcoEnergi. View original content to download multimedia: SOURCE PT Medco Energi Internasional, Tbk Inicia sesión para acceder a tu portafolio
