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Jakarta Post

Medco to spend $40 million on oil field exploration in Libya

  • Alfian

    The Jakarta Post

Jakarta   /   Thu, April 8 2010   /  10:34 am

Indonesia’s publicly listed oil and gas company PT Medco Energi Internasional plans to spend  US$40 million on exploration activities on an oil block in Libya this year, a director of the company said recently.Medco’s operational director Lukman Mahfoedz said that the block, called Area 47, would require as much as US$80 million for exploration activities this year. “Medco will cover half of the required funds and we will finance this from our internal sources,” Lukman said in a text message.He added that the money would be used to fund a feasibility study and exploration. “We will focus on appraisal and exploration activities, including drilling three more exploration wells in addition to the 21 wells we have drilled already ” Lukman added.In an earlier press statement, Medco said that the drilling program for this year will also include the completion and testing of th...