MedcoEnergi to Expand Energy Investment in Oman Through 2040

Muscat — PT Medco Energi Internasional Tbk (MedcoEnergi) has reiterated its commitment to continue expanding its energy investments in the Sultanate of Oman through 2040. The move comes as the company strengthens operations at the Karim Small Fields (KSF), Block 60, Block 48 and Block 56 over the next two decades. MedcoEnergi marked 20 years of presence in Oman at an event in Muscat on Sunday, 17 May 2026, attended by Oman’s Minister of Energy and Minerals Eng. Salim bin Nasser bin Said Al Aufi, Oman economist and academic Sayyid Dr. Adham bin Turki Al Said, and the company’s partners. Oman remains MedcoEnergi’s first entry point into the Middle East and continues to be one of the company’s most strategic international assets. ‘Two decades have taught us one thing: when you build with Oman, you build for the long term,’ said MedcoEnergi’s President Director Hilmi Panigoro, quoted on Monday, 18 May 2026. Since 2006, MedcoEnergi has operated KSF under a Service Agreement with Petroleum Development Oman (PDO). The company’s performance in managing the mature field led PDO to extend the cooperation contract for another 25 years to 2040 in 2015. In two decades of operations, MedcoEnergi has produced more than 110 million barrels of oil, drilled over 500 wells, and discovered seven new fields. The company’s operations have also expanded through acquiring a 20 per cent participating interest in Block 60 and Block 48 in 2023 with OQ Exploration & Production. In 2025, Block 60 recorded an average gross production of 67.8 mboepd and reached a production peak of 77.2 mboepd in October. Appraisal activities in Block 48 continue towards the potential Declaration of Commerciality. ‘We are not here as a company closing a chapter. We are here as a partner ready to write the next chapter,’ Hilmi said. MedcoEnergi also holds a five per cent participating interest in Block 56, which has entered the structured field development phase following the Declaration of Commerciality in 2024. The company believes Oman still has significant potential for long-term energy operations development. In the human resources sphere, MedcoEnergi employs more than 200 workers in Oman, of whom 86 per cent are Omanis. Together with the Oman Institute for Energy, the company is preparing a graduate development programme to strengthen Oman’s national energy talent. MedcoEnergi’s operations in Oman are also supported by a strong safety record. As of March 2026, KSF had logged six consecutive years without a lost-time incident (LTI) and surpassed 13 million man-hours without an LTI. Hilmi said the company will continue investing in Oman in line with the Oman Vision 2040 agenda. Strengthening upstream oil and gas operations and human resource development will be key focus areas as the company expands its presence in the Middle East.