20 Years in Oman, MedcoEnergi Prepares New Expansion
The energy and natural resources issuer PT Medco Energi Internasional Tbk (MEDC), known as MedcoEnergi, is strengthening its commitment to business expansion in Oman after two decades of operating in the Middle Eastern nation. This move comes amidst the company’s target to achieve its highest-ever oil and gas production levels in 2026.
The company marked 20 years of operations in the Sultanate of Oman during an event in Muscat on Sunday (17/05/2026). The event was attended by Omani economist, academic, and business consultant His Excellency Sayyid Dr. Adham bin Turki Al Said; Oman’s Minister of Energy and Minerals, His Excellency Eng. Salim bin Nasser bin Said Al Aufi; as well as Omani officials and other corporate partners.
“Twenty years have taught us one thing - when you build with Oman, you build for the long term,” said MedcoEnergi President Director Hilmi Panigoro, via a press release on Monday (18/05/2026).
“We are very grateful to His Majesty Sultan Haitham bin Tariq, His Excellency Eng. Salim bin Nasser bin Said Al Aufi, and the people of Oman for two decades of trust and partnership,” he continued.
Panigoro emphasised that MedcoEnergi still views Oman as a strategic region for long-term business development. “We are not here as a company closing a chapter. We are present as a partner ready to write the next chapter, and we intend to continue investing in the Sultanate of Oman over the long term,” he said.
In 2015, PDO extended the agreement for 25 years until 2040. Over the past two decades, the partnership has produced more than 110 million barrels of oil, drilled over 500 wells, and resulted in seven new field discoveries.
In addition to expanding its business, MedcoEnergi has also focused on human resource development in Oman. Of the more than 200 employees across its Omani operations, approximately 86 per cent are Omani nationals. The company also collaborates with the Oman Institute for Energy to develop young Omani graduates, preparing national talent for the energy sector.
MedcoEnergi’s expansion in Oman continues through the acquisition of a 20 per cent participating interest in Block 60 and Block 48 in 2023, alongside OQ Exploration & Production. In 2025, Block 60 recorded an average gross production of 67.8 mboepd, reaching a peak production of 77.2 mboepd in October 2025. Meanwhile, appraisal activities in Block 48 are ongoing towards a potential Declaration of Commerciality. The company also holds a 5 per cent participating interest in Block 56, which entered the structured field development stage following a Declaration of Commerciality in 2024.