Medco acquires Stanvac

Medco acquires Stanvac

JAKARTA (JP): Publicly-listed PT Medco Energy Corporation has acquired all the stocks of PT Stanvac Indonesia, the oldest oil company in the country, Medco's finance director Sugiharto told The Jakarta Post yesterday.

"The purchase agreement was signed on Nov. 3 in the United States. We won through a purchasing tender of 100 percent of Stanvac's stocks," he said.

He said that his company will disclose the value of the acquisition at its general shareholders meeting in two weeks time.

Stanvac, formerly owned equally by Mobil Oil Petroleum Inc. and Esso Oil, a subsidiary of Exxon Oil Corp., operates the Kampar concession area in Central Sumatra as well as the Rimau block and Pasemah exploration blocs in South Sumatra. The areas currently produce 13,000 barrels of oil per day and 40 million standard cubic feet of gas per day.

Sugiharto said that his company foresees further development, especially in the 8,559-square-kilometer Pasemah bloc. (04)