Medco Energi to divest exploration blocks after Ophir purchase


Medco Energi Internasional is considering divesting some oil and gas exploration blocks acquired following its purchase of Ophir Energy, Tenny Wibowo president and general Manager of Ophir Medco Energy, told reporters.
He said discussions were being held with some potential buyers and "mostly the areas that will be divested are overseas and some in Indonesia.. mostly for exploration."
The company had also sent a letter to regulator SKK Migas to hand back the North East Bangkanai block to the Indonesian government after exploring it for six years. "It's because we don't see prospective (reserves) in this block," he said.
Ophir Energy has three other production blocks in Indonesia - the Bangkanai block, the Sampang block and Madura block.
Medco Energi Internasional announced the completion of its acquisition of Ophir Energy Plc on May 22 after a cash offer valued at 408.4 million pounds.