PT Medco Energi Internasional Tbk. has agreed to acquire Fortuna International (Barbados) Inc. from Repsol E&P S.a.r.l. The company said in a media release it will shell out $425 million in the process. It expects to close the transaction in the third quarter of 2025.
MedcoEnergi said Fortuna International holds an indirect 24 percent interest in the Corridor Production Sharing Contract (PSC). The Corridor PSC has seven producing gas fields and one producing oil field, all located onshore in South Sumatra, Indonesia, MedcoEnergi said. The gas is sold under long-term contracts to high-quality buyers in Indonesia and Singapore, it said.
“This acquisition supports our strategy of owning and developing high-quality, cash-generative assets and reaffirms our commitment to national development where natural gas is a vital bridge to a lower-carbon future”, Hilmi Panigoro, President Director, stated.
Last month MedcoEnergi signed a gas swap agreement through its subsidiaries, Medco E&P Natuna Ltd. (part of the West Natuna Group Supply Group) and Medco E&P Grissik Ltd. (from the South Sumatra Sellers).
The agreement, signed with various key parties including PT Pertamina (Persero) and PT Perusahaan Gas Negara (Persero) Tbk (PGN), reallocates gas volumes. Specifically, the West Natuna Supply Group will now supply gas to Singapore, replacing volumes previously sent from the South Sumatra Sellers. These redirected South Sumatra volumes will then be supplied to PGN to meet Indonesia’s domestic gas demands, MedcoEnergi said.
Additionally, Medco E&P Natuna Ltd., along with Premier Oil Natuna Sea B.V. and Star Energy (Kakap) Ltd., signed a separate Domestic Gas Sales Agreement with PGN.
In other developments, MedcoEnergi earlier this month started commercial operations at its 25-megawatt peak East Bali Solar Photovoltaic Plant, PT Medcosolar Bali Timur, located in Karangasem, East Bali.
To contact the author, email andreson.n.paul@gmail.com
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