JAKARTA (Yosefardi) – PT Medco Energi Internasional Tbk (MEDC), owned by Panigoro family, plans to add investment of US$320 million for developing oil and gas block in Tunisia, North Africa.
MEDC had in August 18, 2014 spent US$127.7 million for acquiring Storm Ventures International, holder of mining concession for Tunisia block.
MEDC intends to boost Tunisia block’s production to 16,000 barrels of oil equivalents per day (boepd).
By 2018, MEDC targets to add proven and possible reserves of 12.6 million barrels oil equivalent (mmboe).
Currently MEDC oil production from blocks at Tunisia totals 2,800 bopd with proven and possible reserves of 12.3 mmboe.