Medco Energy to Double Oil, Gas Output in Next 2-3 Years

Medco Energi Internasional is expected to double its oil and gas production to about 120,000 barrels of oil equivalent per day (boepd) in 2014 or 2015 as new oil and gas projects come on stream, Jakarta Post said.

“Our current production level is around 60,000 boepd. In the future, we’ll continue to see the possibility of acquiring shares in potential blocks both within and outside the country,” company’s president director, Lukman Mahfoedz  told reporters.

MedcoEnergi currently has shares in 14 blocks in Indonesia. The blocks are Block A, South and Central Sumatra; Lematang, Rimau and Merangin in Sumatra; Tarakan, Sembakung, Nunukan, Simenggaris, Bengara and Bagkanai in Kalimantan; Bawean and Jeruk wells in East Java; and Senoro-Tomori in Sulawesi.

Overseas, the company holds shares in 10 oil and gas blocks. They are Block E and Block 12 in Cambodia; Area 47 in Libya; the Karim field in Oman; Block 82 and Block 83 in Yemen; and East Cameron, Main Pass, Mustang Island and Brazos Island in the US.