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Jakarta Post

Medco to invest $400 million in Libya

  • The Jakarta Post

Jakarta   /   Thu, March 11 2010   /  10:43 am

Publicly listed PT Medco Energi International will invest as much as US$400 million in an oil facility in Libya, the president commissioner Hilmi Panigoro told reporters Wednesday.Hilmi said the facility required a total investment of $800 million, but Medco will team up with Libyan Investment Authority (LIA).“[The investment] will be shared 50:50 with Libya,” Hilmi said. He added the project was awaiting approval from the Libyan government.“We expect the construction can begin this March. The project can start contributing output within three years,” said Hilmi, adding that the facility may be able to produce up to 50,000 barrel per day.Medco holds rights to develop oil reserves in Libya’s oil block Area 47. The block is estimated to have contingent reserves of 307 million barrels of oil. It’s not clear yet whether the planned facility is prepared for this block or for other...