Petroleum Africa
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Monday, November 3, 2014
Indonesia’s PT Medco Energi Internasional is betting on its international operations to boost its sluggish earnings, including the company’s operations in Libya and Tunisia. According to its financial statement, Medco posted $198.83 million in gross profits as of September this year, a 25.34% decrease from $249.23 million in the same period in 2013. It also saw its net profit drop by 5.26% for the first nine months of 2014.
“This performance result has yet to show a positive contribution from our asset in Tunisia, which will start operation in October this year,” Medco president director and CEO Lukman Mahfoedz said in a press statement. The completion of the acquisition of a 100% stake in Storm Ventures International, a subsidiary of Chinook Energy, will also aid the company as Storm owns four exploration blocks, two development blocks, and two producing blocks.
The $114.03 million acquisition now makes Medco the shareholder of a company owning eight participation interests in eight oil and gas blocks in the country and according to Lukman marks Medoc’s comeback in Tunisia after divesting its stake in the Anaguid area in 2011.
In Libya the receipt of government approval for the commercial operation of the company’s oil fields, which add to its reserves of proven and probable oil and gas worth 74 million barrels of oil equivalent. The company discovered new reserves in Libya with the drilling of the P2 and O2 wells in Area 47.
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