MedcoEnergi

Last updated
PT Medco Energi Internasional Tbk
Company type Public
IDX:  MEDC
Industry Oil and gas, Power Generation, Coal Mining, Gas Pipeline, Drilling Services
Founded9 June 1980;43 years ago (1980-06-09)
Headquarters Jakarta, Indonesia
Key people
Hilmi Panigoro, President Director
Roberto Lorato, CEO
Products Crude Oil, Natural Gas, Electricity, Gold, Copper
RevenueDecrease2.svg US $ 2,25  billion (2023) [1]
Decrease2.svg US $ 660 million (2019) [1]
Decrease2.svg US $ 330,67 million (2023) [1]
Total assets Increase2.svg US$ 7,46 billion (2023)
Total equity Increase2.svg US$ 2,02 billion (2023)
OwnerPT Medco Daya Abadi Lestari (51.50%)
Number of employees
4,000 (2019)
Website www.medcoenergi.com

PT Medco Energi Internasional Tbk or MedcoEnergi is an Indonesian oil and gas company. The company operates in Trading and Holding & Related Operations, Exploration for and Production of Oil & Gas, Power, Services, Chemicals and Rental of properties. [2]

Contents

History

The company was founded by Indonesian businessman Arifin Panigoro in 1980 and is headquartered in Jakarta, Indonesia. [3] [4] In October 2015, the company bought an interest in the Singa gas field in the Lematang Block located in South Sumatra for $22 million [5] and, in May 2019, the company acquired Ophir Energy in a deal valued at $517.6 million. [6]

Also in 2015, the company acquired the Lundin Petroleum AB's Indonesian Oil & Gas asset for $22 million. [7] In 2020, the company started producing gas from the Meliwis Field in East Java. [8]

In December 2021, MedcoEnergi reached a deal with ConocoPhillips to acquire the assets of ConocoPhillips Indonesia Holding Ltd (CIHL). The acquisition was expected to be concluded in the first quarter of 2022.

Overview of personnel

The group's current President Director is Hilmi Panigoro. Roberto Lorato serves as the group's Director and CEO. [9] [10]

See also

Related Research Articles

ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.

<span class="mw-page-title-main">OMV</span> Austrian petrochemical company

OMV is an Austrian multinational integrated oil, gas and petrochemical company which is headquartered in Vienna, Austria. The company is listed on the Vienna Stock Exchange. In the 2021 Forbes Global 2000, OMV Group was ranked as the 413th -largest public company in the world.

<span class="mw-page-title-main">Jet (brand)</span> British fuel station chain owned by American Philips 66

Jet is the European brand of filling stations which is owned by American-based conglomerate Phillips 66. Jet filling stations are located in Austria, Germany and the United Kingdom. They previously had a presence in other European countries and Thailand.

Conoco is an American petroleum brand that is operating under the ownership of the Phillips 66 Company since 2012 and is headquartered in Houston, Texas. One of the several successors of Standard Oil, Conoco was a subsidiary of that company from 1884 until its 1911 divestiture when the U.S. Supreme Court ruled to decouple the monopolized entity.

Premier Oil plc was an independent UK oil company with gas and oil interests in the United Kingdom, Asia, Africa and Mexico. It was devoted entirely to the 'upstream' sector of the industry — the exploitation of oil and gas — as opposed to the 'downstream' refining and retail sector. It was listed on the London Stock Exchange until it was acquired by Chrysaor Holdings and then merged into Harbour Energy in March 2021.

<span class="mw-page-title-main">Pertamina</span> Indonesian state-owned oil and natural gas corporation

PT Pertamina (Persero) is an Indonesian state-owned oil and natural gas corporation,located in Jakarta. It was created in August 1968 by the merger of Pertamin (established 1961) and Permina (established in 1957). In 2020, the firm was the third-largest crude oil producer in Indonesia behind US-based companies ExxonMobil's Mobil Cepu Ltd and Chevron Pacific Indonesia. According to the 2020 Fortune Global 500 list. Pertamina is the largest company in Indonesia.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

<span class="mw-page-title-main">EOG Resources</span> American energy company engaged in hydrocarbon exploration

EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.

The Salim Group is Indonesia's biggest conglomerate and refers to companies where the Salim family held majority ownership. Its assets include Indofood Sukses Makmur, the world's largest instant noodle producer; Indomobil Group, one of Indonesia's largest car manufacturers; Indomaret, Indonesia's largest convenience store chain; and Bogasari, a large flour-milling operation. The group was founded in October 1972 by Sudono Salim and his junior partner Sutanto Djuhar. The current CEO is Anthoni Salim, a son of Sudono Salim.

PT Lapindo Brantas is an Indonesian oil and gas exploration company. It was established as a joint venture between PT. Energi Mega Persada Tbk. (50%), PT. Medco Energi Tbk. (32%) and Santos Australia (18%). The Bakrie family, through its investments, held a controlling stake in PT. Energi Mega Persada Tbk. Lapindo Brantas currently employs a staff of 77 permanent and contract employees and 142 personnel working for the company through a third party contract.

<span class="mw-page-title-main">Lundin Energy</span> Former Swedish oil and gas company

Lundin Energy was an independent oil and gas exploration and production company formed from Lundin Oil in 2001 and based in Sweden with focus on operations in Norway.

PT Bumi Resources Tbk is one of the largest mining companies in Indonesia and is structured as a holding company. In the 2012 Forbes Global 2000, Bumi Resources was ranked as the 1898th-largest public company in the world. It is the biggest producer of thermal coal in Indonesia and is majority owned by the Bakrie Group.

Cenovus Energy Inc. is a Canadian integrated oil and natural gas company headquartered in Calgary, Alberta. Its offices are located at Brookfield Place, having completed a move from the neighbouring Bow in 2019.

<span class="mw-page-title-main">Canadian Natural Resources</span> Canadian hydrocarbon exploration company

Canadian Natural Resources Limited, or CNRL or Canadian Natural is a senior Canadian oil and natural gas company that operates primarily in the Western Canadian provinces of British Columbia, Alberta, Saskatchewan, and Manitoba, with offshore operations in the United Kingdom sector of the North Sea, and offshore Côte d'Ivoire and Gabon. The company, which is headquartered in Calgary, Alberta, has the largest undeveloped base in the Western Canadian Sedimentary Basin. It is the largest independent producer of natural gas in Western Canada and the largest producer of heavy crude oil in Canada.

<span class="mw-page-title-main">Ophir Energy</span> Former British oil and gas company

Ophir Energy plc was an oil and gas exploration and production company based in London. It owned both operating and non-operating assets in Africa, Asia, and Mexico.

Denbury Inc. was a company engaged in hydrocarbon exploration and extraction via enhanced oil recovery, utilizing carbon dioxide to extract petroleum from fields that have been previously exploited. In November 2023 it was acquired by ExxonMobil.

<span class="mw-page-title-main">Bakrie Group</span> Public company in Indonesia

The Bakrie Group is an Indonesian conglomerate founded by Achmad Bakrie in 1942. It has interests across various industries including mining, oil and gas, property development, infrastructure, plantations, media and telecommunications. The group is one of the largest business groups in Indonesia, with 10 companies listed on the Indonesia Stock Exchange.

<span class="mw-page-title-main">Puma Energy</span> Swiss oil company

Puma Energy is a Swiss multinational mid- and downstream oil company, majority-owned by Singapore-based Swiss company Trafigura.

<span class="mw-page-title-main">Gulf Canada</span> Canadian subsidiary of Gulf Oil

Gulf Canada was a Canadian integrated petroleum company that existed between 1944 and 2001. Gulf Oil Corporation began operating in Canada in 1942, and two years later formed a Canadian subsidiary called the Canadian Gulf Oil Company. In 1956 Canadian Gulf Oil merged with the British American Oil Company and until 1969 operated under the British American name. In 1969, British American amalgamated with its subsidiaries into a new company called Gulf Oil Canada Limited.

<span class="mw-page-title-main">Successors of Standard Oil</span> Companies descended from Standard Oil

Following the 1911 Supreme Court ruling that found Standard Oil was an illegal monopoly, the company was broken up into 34 different entities, divided primarily by region and activity. Many of these companies later became part of the Seven Sisters, which dominated global petroleum production in the 20th century, and became a majority of today's largest investor-owned oil companies, with most tracing their roots back to Standard Oil. Some descendants of Standard Oil were also given exclusive rights to the Standard Oil name.

References

  1. 1 2 3 "Annual Report 2018". MedcoEnergi. p. 19. Retrieved 23 May 2019.
  2. "Medco Energi Internasional". marketwatch. Retrieved November 14, 2020.
  3. "Medco Energi Lands on the Map As It Discovers New Frontiers". Wall Street Journal. 20 November 2007. Retrieved 23 May 2019.
  4. "Moody's Affirms MedcoEnergi Rating B1 Amid the Oil Prices War". theinsiderstories. March 25, 2020. Retrieved November 14, 2020.
  5. "Lundin sells Indonesian assets for $22M". Offshore Energy Today. 9 October 2015. Retrieved 23 May 2019.
  6. "Medco completes Ophir acquisition". Offshore Magazine. Retrieved 23 May 2019.
  7. "Medco buys Lundin's Indonesian business". ogj. October 9, 2015. Retrieved November 14, 2019.
  8. "Medco starts producing gas from Meliwis field". idnfinancials. July 20, 2020. Retrieved November 16, 2020.
  9. "PT. Medco Energi Internasional Tbk". idnfinancials. Retrieved November 16, 2020.
  10. "Roberto Lorato". oilandgascouncil. Retrieved November 16, 2020.