Medco Energi Seeking Investors to Develop Libya Oil, Gas Field
JAKARTA(Dow Jones Newswires), November 18, 2008
PT Medco Energi Internasional is seeking investors from the Middle East to take part in the development of an oil and gas field in Libya, the Indonesia-listed company said Tuesday.
Medco said in a filing to the Indonesia Stock Exchange that the company is studying various options to raise funds for developing the Area 47, including combining reserve-based lending and shariah financing.
"Currently, we are studying several proposals from international reserve-based lending financial institutions," the company said, without elaborating.
The Indonesian company holds a 50% working interest in the area, which could hold as much as 2.15 billion barrels of oil equivalent. Canada-based Verenex Energy Inc. holds the remaining 50% stake.
Copyright (c) 2008 Dow Jones & Company, Inc.
- Lundin Petroleum Sells Indonesian Upstream Assets to Medco for $22M (Oct 09)
- Indonesia's Medco Gets Additional 25 Years to Operate Oman Oil Fields (Apr 29)
- Medco Energi Discovers Oil, Gas in Indonesia and Libya (Sep 29)
Company: Verenex Energy more info
- Marathon Struggles to Exit Libya as Unrest Grows (Oct 25)
- Verenex Completes Arrangement with Libyan Investment Authority (Dec 21)
- Verenex Updates on Acquisition Status (Dec 15)