Medco Energi has reached agreement with Repsol E&P to acquire Fortuna International (Barbados), which holds an indirect 24% interest in the Corridor Production Sharing Contract.
The transaction consideration is US$425 million (subject to customary adjustments) and is expected to be completed in the third quarter of 2025. The Corridor PSC has seven producing gas fields and one producing oil field, all located onshore in South Sumatra, Indonesia with gas sold under long-term contracts to high-quality buyers in Indonesia and Singapore.
Hilmi Panigoro, President Director, stated, 'This acquisition supports our strategy of owning and developing high-quality, cash-generative assets and reaffirms our commitment to national development where natural gas is a vital bridge to a lower-carbon future.'
Source: Medco Energi
