JAKARTA, June 16 Indonesia's PT Medco Energi
Internasional Tbk (MedcoEnergi) has agreed to buy a
subsidiary of Toronto-listed Chinook Energy Inc with
participating interests in eight oil and gas work areas in
The deal is subject to approval from other partners in the
blocks and the government of Tunisia and is valued at more than
MedcoEnergi, Indonesia's largest listed oil and gas firm,
previously held stakes in Tunisia's Durra concession and Anguid
exploration area, but sold them off in 2011.
"We have recently met with the government of Tunisia and
they have shown their strong support in welcoming us back to
Tunisia to pursue oil and gas exploration and production
opportunities," MedcoEnergi CEO Lukman Mahfoedz said in a
statement on Monday.
"Upon completion of the acquisition, MedcoEnergi anticipates
adding (proven and probable) reserves and oil-and-gas production
by (up to) 12.3 million barrels of oil equivalent and 2,800
barrels of oil equivalent per day (BOEPD), respectively," the
statement said. Output from the assets is expected to reach
approximately 16,000 BOEPD in 2018.
Of the eight work areas, two are currently being developed,
four are exploration areas and two are in production. Five of
the blocks (Adam, Sud Remada, Bir Ben Tartar, Jenein and Borj El
Khadra) are onshore in the Ghadames Basin, where MedcoEnergi has
a participating interest in Libya Area 47. Three of the blocks
are offshore (Cosmos, Hammamet and Yasmin) in the Pelagian
MedcoEnergi announced last year that recent political
changes in Libya had delayed its $900 million Area 47 project by
two years to 2016.
The company currently has operations in Indonesia, Oman,
Yemen, Libya, Papua New Guinea and the Gulf of Mexico.
(Reporting by Wilda Asmarini and Fergus Jensen; Editing by Matt