MedcoEnergi reaffirms long-term partnership commitment in Oman
The national energy company PT Medco Energi Internasional Tbk (MedcoEnergi) has marked twenty years of its operations in Oman by reaffirming its long-term commitment to the partnership within the Sultanate.
“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,” stated MedcoEnergi President Director Hilmi Panigoro during the commemoration of 20 years of MedcoEnergi’s operations in Oman.
In a statement received in Jakarta on Monday, Hilmi noted that Oman served as MedcoEnergi’s first gateway 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 Karim Small Fields (KSF) under a Service Agreement with Petroleum Development Oman (PDO). In 2015, in recognition of MedcoEnergi’s proven capabilities in managing KSF, PDO extended the agreement for 25 years, lasting until 2040.
Over the past two decades, this partnership has revitalised mature fields, producing more than 110 million barrels of oil, drilling over 500 wells, and resulting in seven new field discoveries. According to Hilmi, the partnership has also contributed to the sustainable development of Omani human resources. Across its operations in Oman, MedcoEnergi employs over 200 people, 86 per cent of whom are Omani nationals.
“Working alongside the Oman Institute for Energy, the company is investing in the development of young Omani graduates to prepare the next generation of national talent to lead the future of MedcoEnergi in Oman,” he said.
MedcoEnergi’s operations in Oman are supported by a strong safety record. As of March 2026, KSF successfully recorded six consecutive years without a lost-time incident (LTI), surpassing 13 million man-hours without LTI.
MedcoEnergi has also expanded its presence through a partnership with OQ Exploration & Production, acquiring a 20 per cent participating interest in Block 60 and Block 48 in 2023. In 2025, Block 60 recorded an average gross production of 67.8 thousand barrels of oil equivalent per day (mboepd), peaking at 77.2 mboepd in October, while appraisal activities continue in Block 48 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.
Looking ahead, MedcoEnergi plans to further expand its presence in Oman over the next twenty years through sustained investment in KSF, Block 60, 48, and 56, as well as through the development of Omani human resource capabilities in line with Oman Vision 2040.
The 20th-anniversary commemoration of MedcoEnergi’s operations in Oman was attended by prominent Omani economist, academic, and business consultant Dr Adham bin Turki Al Said, Oman’s Minister of Energy and Minerals Salim bin Nasser bin Said Al Aufi, and other officials from the Sultanate of Oman alongside company partners, held in Muscat on Sunday, 17 May 2026.