MedcoEnergi Celebrates 20 Years in Oman, Vows Continued Investment

PT Medco Energi Internasional Tbk (MedcoEnergi) has marked a significant milestone, celebrating two decades of successful operations in the Sultanate of Oman. This anniversary is not just a commemoration of past achievements but a strong reaffirmation of the company's enduring commitment to its partnership with Oman. Since its initial foray into the Middle East in 2006, Oman has remained a cornerstone of MedcoEnergi's international portfolio, particularly through its operation of the Karim Small Fields (KSF).

The partnership has yielded substantial results, with over 100 million barrels of oil produced and seven new field discoveries attributed to MedcoEnergi's expertise in revitalizing mature fields. The extension of the KSF agreement for another 25 years through 2040 underscores the trust and proven capability that MedcoEnergi brings to Oman's energy sector. This long-term vision aligns perfectly with the Sultanate's own development goals, as articulated in Oman Vision 2040, which emphasizes sustainable growth and local capability building.

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Twenty years taught us one thing — when you build with Oman, you build to last. We are deeply grateful to His Majesty Sultan Haitham bin Tariq, H.E. Eng. Salim bin Nasser bin Said Al Aufi, Minister of Energy and Minerals, the Government of the Sultanate of Oman, and the Omani people for two decades of trust and partnership. We are not here as a company finishing a chapter. We are here as a partner ready to write the next one, and we intend to keep investing in the Sultanate for the long term.

Beyond production figures, MedcoEnergi's commitment to Oman is evident in its workforce development. Employing over 200 individuals, with a remarkable 86% being Omani nationals, the company actively invests in nurturing local talent through collaborations with institutions like the Oman Institute for Energy. This focus on building national capacity ensures that the benefits of energy operations are deeply embedded within the Omani economy and society. The company's strong safety record, with six consecutive years without a lost-time incident at KSF, further solidifies its reputation as a responsible and reliable partner.

As MedcoEnergi looks to the future, its recent acquisition of a 20% participating interest in Blocks 60 and 48, alongside OQ Exploration & Production, signals continued investment and expansion. The strong production performance in Block 60 and ongoing appraisal in Block 48 point towards further growth opportunities. The sentiment from both MedcoEnergi's leadership and Omani officials, including H.E. Eng. Salim bin Nasser bin Said Al Aufi, Minister of Energy and Minerals, is one of mutual respect and shared optimism for the future of energy development in the Sultanate. This enduring partnership exemplifies the kind of stable, long-term collaboration that Oman seeks, fostering economic prosperity and technological advancement.

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MedcoEnergi's two decades in Oman reflect the kind of long-term, responsible partnership the Sultanate values, aligned with the objectives of Oman Vision 2040, and we welcome its continued commitment to the country's energy sector.