Medco acquires oil field of Arco's subsidiary
Saturday, February 5 2000 - 04:00 AM WIB
Publicly-listed oil company PT Medco Energy Corporation said it had acquired all stakes of Union Texas, a subsidiary of American oil and gas company Atlantic Richfield Company (ARCO), in the Senoro and Toili oil fields in Central Sulawesi, for US$1.03 milion.
Union Texas had 50 percent stake in both oil fields under the Joint Operating Body-Production Sharing Contract (JOB-PSC) with state oil and gas company Pertamina.
Medco said the fields contain an oil reserve of 100 million barrels and a gas reserve of 2.1 trillion cubic feet.
The acquisition is part of the company's strategy to prepare its listing on the New York Stock Exchange, company president John S. Karamoy was quoted by Bisnis Indonesia as saying. (*)