Medco Energi acquires Rombebai block

JAKARTA: PT Medco Energi International Tbk, through Medco International Ventures Ltd., signed an agreement for acquiring up to 80 percent working interest of Rombebai PSC block in Papua from Ramu International LLC.

By the agreement, the operation of the block will then be transferred to Medco Energi.

Rombebai PSC block, which is 11,590 square kilometers in size, is located onshore northeast Papua. It is currently an exploration block with indication of significant gas accumulation. The operation of the block is to anticipate growing demands for gas in the Asia Pacific region.

The agreement marked the first time for the company to enter Papua to explore and develop energy resources in the region, said the company in a statement available to the media.--JP