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MedcoEnergi to acquire ConocoPhillips' Indonesian assets
Indonesia’s second-largest oil and gas company is set to pay $1.36 billion for the assets of US-controlled energy firm ConocoPhillips Indonesia Holding.
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This undated photograph shows ConocoPhillips Indonesia's gas plant in South Sumatra. (ConocoPhillips/ConocoPhillips)
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T Medco Energi Internasional, Indonesia’s second-largest oil and gas company, has clinched a deal with ConocoPhillips to acquire the assets of ConocoPhillips Indonesia Holding Ltd (CIHL).
MedcoEnergi is set to acquire CIHL’s entire issued share capital from Phillips International Investment Inc., a subsidiary of US-based ConocoPhillips.
The acquisition is expected to be concluded in the first quarter of 2022, subject to customary conditions and shareholders’ approval at the extraordinary general shareholders meeting (RUPSLB), MedcoEnergi CEO Roberto Lorato said.
“The acquisition further strengthens MedcoEnergi’s footprint in Southeast Asia and will generate significant synergies with our Sumatra operations. We look forward to welcoming Corridor’s high-quality workforce into MedcoEnergi group,” Lorato said in a statement issued on Wednesday.
Read also: Shell plans to exit gas-rich Masela Block project
CIHL holds a 100 percent interest in ConocoPhillips (Grissik) Ltd. and a 35 percent interest in Mauritius-based pipeline enterprise Transasia Pipeline Company Pvt. Ltd.
ConocoPhillips (Grissik) Ltd., also a subsidiary of ConocoPhillips, is one of the operators of the production sharing contract (PSC) Corridor Block in South Sumatra with a 54 percent working interest.
