Indonesia unveils new "Medco Tunisia Anaguid Ltd" company for oil investment in Tunisia

Indonesia’s oil and gas company, Medco Energi, expand their operations abroad by new exploration in Tunisia. Through its newly created subsidiary, Medco Tunisia Anaguid Ltd., Medco Energi acquires rights to manage the Durra field.

Project Director of PT Medco Energi International Tbk, Lukman Mahfoedz, in a press release on Thursday (28/4/2011), points out that Tunisian government granted the concession to Medco in partnership with OMV Anaguid Ltd for a period of 30 years.

"By obtaining concessions in Durra, the holders of participation rights mentioned earlier, including the Company, will be able to begin producing oil and or gas within the concession," said Lukman.

Currently, there are two discovery wells in the concession, namely the well Durra-1 and Mona-1 well. In its development plan, in the beginning of this concession will produce 3300 barrels of oil per day (BOPD), which is scheduled to begin in June 2011.

On Concessions of Durra, Medco Tunisia Anaguid Ltd., owns 20% stake, while OMV Anaguid Ltd. has 30% stake, and ETAP, Tunisia Oil and Gas Enterprises owns 50% shares.


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