MUSCAT, MAY 18
Indonesian oil and gas company PT Medco Energi Internasional Tbk (MedcoEnergi) marked on Sunday, May 17, 2026, two decades of operations in Oman’s upstream oil and gas sector, underscored by cumulative investments exceeding $1.4 billion.
The anniversary ceremony was attended by Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals, alongside senior Omani government officials and industry executives.
Commenting on the milestone, the Ministry of Energy and Minerals noted that since 2006, the company has expanded its portfolio from 9 to 25 producing fields, drilled over 500 wells and delivered seven new field discoveries. “Cumulative investments of approximately $1.4 billion have reinforced a strategic partnership that drives national economic growth and advances the objectives of Oman Vision 2040”, the statement said.
MedcoEnergi’s footprint in Oman expanded significantly in late 2023 following its acquisition of key stakes in Blocks 48 and 60 operated by OQ Exploration and Production (OQEP), the upstream arm of OQ.
Block 60, spanning 1,485 km², is OQEP’s flagship producing asset, with output exceeding 70,000 barrels of oil equivalent per day (boepd) by end-2025. Key assets include the Bisat oil field and the Abu Butabul gas and condensate field. The block contributed notably to MedcoEnergi’s 2025 performance, with the Bisat-C water handling facilities completed and gross production reaching a record 77,000 boepd, before stabilising at around 73,000 boepd, according to the company’s annual report.
Block 48 remains in the exploration phase, with its Exploration and Production Sharing Agreement (EPSA) extended to 2029. OQEP holds a 60% participating interest, while MedcoEnergi Oman and Medco Daya Oman each hold 20%, mirroring the ownership structure of Block 60.
MedcoEnergi first entered Oman in 2005 through a 58.5% operating interest in a service contract for the Karim Small Fields within Petroleum Development Oman (PDO) concessions. The company provides infill drilling, workover and enhanced oil recovery services, with production averaging about 9,000 barrels of oil per day in 2025.
In Block 56, MedcoEnergi holds a 5% interest alongside ROC Oil Company (65%), Biyaq Oilfield Services (25%) and Intaj LLC (5%).
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