JAKARTA (Yosefardi) – Oil and gas company PT Medco Energi Internasional Tbk (MEDC) has made a deal with state oil and gas firm PT Pertamina and state fertilizer company PT Pupuk Iskandar Muda (PIM) for monetizing gas at Block A in Aceh.
Under the agreement, MEDC would act as operator of Block A and has obligation to supply 58 mmscfd of gas through Arun Belawan pipeline, to be distributed to North Sumatra.
MEDC booked net profit of US$11 million in first half of 2014, jumped 51.6% from US$8 million in the same period of 2013, with net profit margin (NPM) of 3.2%.
Revenues declined 15.5% to US$360 million. Its assets totaled US$2.57 billion while liability amounted US$1.657 billion.