Tuesday 19 / May / 2026
MUSCAT — PT Medco Energi Internasional Tbk (MedcoEnergi; IDX: MEDC) today marked twenty years of operations in the Sultanate of Oman and reaffirmed its long-term commitment to the partnership. The milestone was commemorated in the presence of H.H. Sayyid Dr. Adham bin Turki Al Said, H.E. Eng. Salim bin Nasser bin Said Al Aufi, Minister of Energy and Minerals, and other officials of the Sultanate of Oman, alongside the Company's partners.
Oman was MedcoEnergi's first entry into the Middle East and remains one of the most strategic pillars of its international portfolio. Since 2006, the Company has operated the Karim Small Fields (KSF) under a Service Agreement with Petroleum Development Oman (PDO). Within its first decade, MedcoEnergi grew production approximately 2.5 times from initial level, demonstrating its capability to revitalise mature fields. In 2015, recognising MedcoEnergi's proven capability in managing the KSF, PDO extended the agreement by another 25 years through 2040. Over two decades, the partnership has rejuvenated mature fields, producing more than 100 million barrels of oil, drilling more than 500 wells, and delivering seven new field discoveries.
The partnership has also built lasting Omani capability. Across its Oman operations, MedcoEnergi employs more than 200 people, 86% of them Omani nationals. In collaboration with the Oman Institute for Energy, the Company invests in developing young Omani graduates - preparing the next generation of national talent to lead MedcoEnergi's future in Oman.
MedcoEnergi's operations in Oman are anchored in a strong safety record. As of March 2026, KSF has achieved six consecutive years without a lost-time incident (LTI) and surpassed 13 million LTI-free man-hours.
MedcoEnergi has also grown its presence through partnership with OQ Exploration & Production, acquiring in 2023 a 20% participating interest in both Block 60 and Block 48. In 2025, Block 60 delivered strong gross production performance, reaching new peak levels during the year, while appraisal activity continues at Block 48 toward a potential Declaration of Commerciality
"Twenty years taught us one thing — when you build with Oman, you build to last," said Hilmi Panigoro, President Director of MedcoEnergi. "We are deeply grateful to His Majesty Sultan Haitham bin Tariq, H.E. Eng. Salim bin Nasser bin Said Al Aufi, Minister of Energy and Minerals, the Government of the Sultanate of Oman, and the Omani people for two decades of trust and partnership. We are not here as a company finishing a chapter. We are here as a partner ready to write the next one, and we intend to keep investing in the Sultanate for the long term."
"MedcoEnergi's two decades in Oman reflect the kind of long-term, responsible partnership the Sultanate values, aligned with the objectives of Oman Vision 2040, and we welcome its continued commitment to the country's energy sector," said H.E. Eng. Salim bin Nasser bin Said Al Aufi, Minister of Energy and Minerals of the Sultanate of Oman.
Looking ahead, MedcoEnergi intends to grow its presence in Oman over the next twenty years through continued investment at KSF, Blocks 60, 48, and 56, and through Omani capability development aligned with Oman Vision 2040. (***)
