Type Public IDX: MEDC Headquarters Jakarta, Indonesia Founded 9 June 1980 | Website www.medcoenergi.com Founder Arifin Panigoro | |
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Industry Oil and Gas, Power Generation, Coal Mining, Gas Pipeline, Drilling Services Products Crude Oil, Natural Gas, Electricity Stock price MEDC (IDX) IDR 2,820 -80.00 (-2.76%)17 Mar, 3:11 PM GMT+7 - Disclaimer CEO Roberto Lorato (25 Nov 2015–2020) Profiles | ||
PT Medco Energi Internasional Tbk or MedcoEnergi is a publicly listed Indonesian oil and gas company. MedcoEnergi was founded in 1980 by Arifin Panigoro. Its business activities include oil and gas exploration and production), drilling and rig services, electrical power generation, gas pipeline, and coal mining. It entered into the gas pipeline and distribution business in 2008, its first facility being a gas pipeline and booster compression station at Gunung Megang in South Sumatra. This facility is used to transport the gas produced from MedcoEnergi’s gas producing field, in Singa Lematang Block. The 17.5 kilometers of 10’’ pipeline was built to connect the Gunung Megang facility to the Singa Lematang facility, pushing the gas through the booster compression station at a capacity of 3 x 22.5 MMSCFD.
Mining
In 2009 MedcoEnergi began its coal-mining business by acquiring two mining companies, PT Duta Tambang Sumber Alam (DTSA) and PT Duta Tambang Rekayasa (DTR). Both own mining business licenses (IUP) in Nunukan, North Kalimantan. The coal mining in Nunukan is capable of producing coal with a high calorific-value of 6,800 kilocalorie per kilogram air dry basis (kCal/kg adb).
MedcoEnergi’s production target is 600,000 metric tons per year, with initial production starting in the fourth quarter of 2012. In October 2012 MedcoEnergi successfully shipped its maiden coal sales to China. In 2013 the total coal production was 630,000 tons (5% above target), with total sales amounting to 525,342 tons at an average selling price of US$ 81.8 per ton.