Latest news with #MedcoEnergi
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.
CNA
26-06-2025
- Business
- CNA
Repsol sells stake in an Indonesian gas operation for $425 million
Spanish energy company Repsol said on Thursday it has agreed to sell a 24 per cent stake in Indonesia's Corridor Block gas operation to Jakarta-listed Medco Energi for $425 million. The deal is part of Repsol's strategy to dispose assets to raise cash to fund investments in renewable energy. According to its own calculations, the sale will have a positive impact of about $70 million on its full-year income and it will help reduce its net debt by about $350 million, Repsol said. The company expects the transaction to be closed in the third quarter of 2025.
Reuters
26-06-2025
- Business
- Reuters
Repsol sells stake in an Indonesian gas operation for $425 million
June 26 (Reuters) - Spanish energy company Repsol ( opens new tab said on Thursday it has agreed to sell a 24% stake in Indonesia's Corridor Block gas operation to Jakarta-listed Medco Energi ( opens new tab for $425 million. The deal is part of Repsol's strategy to dispose assets to raise cash to fund investments in renewable energy. According to its own calculations, the sale will have a positive impact of about $70 million on its full-year income and it will help reduce its net debt by about $350 million, Repsol said. The company expects the transaction to be closed in the third quarter of 2025.
Zawya
02-06-2025
- Business
- Zawya
Seaweed farming can support Oman's blue economy, climate goals
MUSCAT: Oman's Ministry of Agriculture, Fisheries and Water Resources is supporting a private-led initiative to explore the feasibility of large-scale seaweed cultivation, aimed at driving the growth of various economic activities related to climate mitigation, sustainable fuels, food security and biodiversity enhancement. Leading the initiative is NTZ Solutions, a local Omani firm focused on delivering innovative solutions in carbon capture, waste management and sustainability — centric human capital development. The company is credited with establishing the GCC's first commercial-scale biochar production facility, currently operational in Barka. With funding support from MedcoEnergi — an Indonesian state-owned energy and natural resources development enterprise — work has commenced on a pilot project designed to assess the overall feasibility and scope of large-scale seaweed cultivation in Oman. Speaking at an energy forum held in Muscat earlier in May, representatives of NTZ Solutions and MedcoEnergi shared insights on seaweed cultivation as an 'innovative nature-based solution' to some of the most urgent global challenges. 'We never imagined seaweed could become a solution to the global crises we're currently facing,' said Johan Despurwantoro, Sustainability and Risk Management Specialist at MedcoEnergi. 'But the question is — why should we return to nature? Because nature-based solutions are not just environmentally relevant but also economically powerful.' According to Despurwantoro, seaweed can contribute to poverty reduction, improve food security and serve as a nutritious food alternative. It can offset carbon emissions by replacing synthetic inputs, enhance ecosystem resilience and directly sequester carbon. Seaweed cultivation, he added, has the potential to unlock an extended value chain — from cultivation and logistics to industrial processing — creating significant employment opportunities at both local and regional levels. At the same time, it can advance Oman's progress on several UN Sustainable Development Goals, notably SDG 14 (Life Below Water), SDG 13 (Climate Action) and SDG 2 (Zero Hunger). Notably, a six-month pilot project was recently launched by the two partners in collaboration with the Ministry to assess the year-round viability of seaweed cultivation in Oman's coastal waters, Despurwantoro stated. A team of experts from NTZ Solutions and MedcoEnergi is currently evaluating the consistency of cultivation and identifying ideal conditions for selected native species. A key member of the team is Kamaruddin Azis, Project Facilitator at the COMMIT Foundation. In an update on the pilot, Kawther al Harrasi, Programme Manager at NTZ Solutions, revealed that the company has secured a pilot site within the Ministry's research facility at Bandar Al Rowdha in Muscat. Of the 12 native seaweed species initially studied, six — Ulva, Codium, Sargassum, Kerva, Hypnea and Gracilaria — were selected for their commercial value. These species are already utilised globally in the food and beverage, pharmaceutical, cosmetics and agriculture industries, she explained. In the next phase of the project, the focus will shift to scaling up production to support the development of high-value products such as agar, carrageenan, bioplastics and pharmaceutical ingredients. Kawther noted that seaweed can also play a major role in carbon sequestration. In her presentation, she further emphasised the significant knock-on effects of seaweed cultivation for Oman's blue economy growth strategy. Beyond the direct economic benefits, seaweed farming can contribute to job creation, in-country value generation and biodiversity enhancement, she added.
