JAKARTA (Yosefardi) – PT Medco Energi Internasional Tbk (MEDC) reported that as of October 14, 2013, production sharing contract (PSC) of Merangin I working area in Jambi, Sumatra was expired.
PT Medco E&P Merangin, a wholly-owned subsidiary of MEDC, holds 80% participating interest in Merangin PSC while the rest 20% is held by Moeco Merangin Co Ltd.
Medco Merangin shall return such contract area to the government of Indonesia through SKKMIGAS (special task force for upstream oil and gas business activities).
MEDC said the expiration of PSC and the hand-over of Merangin contract area has no impact on the company’s revenue from oil and gas unit in Indonesia at the end of 2013.