Marking a Long-Term Partnership Through Sustainable Investment
PT Medco Energi Internasional Tbk (MedcoEnergi, IDX: MEDC) marked two decades of operations in the Sultanate of Oman and reaffirmed its long-term commitment to the partnership. “Twenty years have taught us one thing: when you build together with Oman, you build it for the long term,” said MedcoEnergi’s Chief Executive Officer Hilmi Panigoro on Monday, 18 May.
He also thanked His Excellency Sultan Haitham bin Tariq, His Excellency Eng. Salim bin Nasser bin Said Al Aufi, and the Omani people for two decades of trust and partnership.
“We are not here as a company closing a chapter. We are here as partners ready to write the next chapter, and we intend to continue investing in the Sultanate of Oman for the long term,” Hilmi said.
Looking ahead, he added, the company plans to continue expanding its presence in Oman over the next 20 years through sustainable investments in Karim Small Fields (KSF), Block 60, Block 48, and Block 56, and by developing Omani human-resource capabilities in line with Oman Vision 2040.
Previously, the milestone celebration was attended by leading economists, academics and business consultants from Oman, 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, and other officials from the Sultanate, alongside company partners in Muscat, Oman.
Hilmi explained that Oman is MedcoEnergi’s first entry point into the Middle East and remains one of the most strategic pillars in the company’s international portfolio.
Since 2006, the company has operated the KSFs under a Service Agreement with Petroleum Development Oman (PDO). In 2015, in recognition of MedcoEnergi’s demonstrated capability in managing the KSFs, PDO extended the agreement for 25 years to 2040.
Over two decades, the partnership has revitalised mature fields, produced more than 110 million barrels of oil, drilled more than 500 wells, and yielded seven new field discoveries. The partnership has also contributed to sustainable development of Oman’s human resources. Across its operations in Oman, MedcoEnergi employs more than 200 people, of whom 86% are Omanis.
In collaboration with the Oman Institute for Energy, the company is investing in developing young Omani graduates to prepare the next generation of national talent to lead MedcoEnergi’s future in Oman.
MedcoEnergi’s operations in Oman are underpinned by a strong safety record. As of March 2026, the KSFs recorded six consecutive years without a lost-time incident (LTI) and more than 13 million hours worked without an LTI.
MedcoEnergi has also expanded its presence through a partnership with OQ Exploration & Production by acquiring a 20% participating interest in Block 60 and Block 48 in 2023.
In 2025, Hilmi said, Block 60 delivered a gross average production of 67.8 mboepd and peaked at 77.2 mboepd in October, while appraisal activity continues at Block 48 toward a potential Declaration of Commerciality.
The company also holds a 5% participating interest in Block 56, which has entered a staged field development following its Declaration of Commerciality in 2024,” he concluded.