Medco Energi Buys Repsol Indonesia Gas Field – $425M Deal
- Jakarta-based Medco Energi,with backing from the Panigoro family,is set to acquire Repsol's 24% stake in the Corridor Block for $425 million.
- the deal, anticipated to close in the third quarter, marks a notable expansion of Medco Energi's oil and gas assets.
- The Corridor Block, located in South Sumatra, includes seven gas fields and one oil field.
Medco Energi seizes control, agreeing to acquire Repsol’s 24% stake in the Corridor Block for $425 million. This strategic move boosts Medco’s stake to a dominant 70% in Indonesia’s vital gas field, signaling considerable growth in the oil and gas sector.The acquisition, slated to finalize in Q3, amplifies Medco’s asset portfolio, a move backed by the affluent Panigoro family. The Corridor Block, a critically important producer, currently fulfills existing contracts with both Indonesian and Singaporean consumers. News Directory 3 delivers exclusive coverage on this high-stakes deal, charting Medco’s trajectory. Considering Medco’s rising production figures, what further expansions are on the horizon? Discover what’s next in this developing story.
Medco Energi to Increase Stake in Corridor Block oil adn Gas Field
Updated June 27,2025
Jakarta-based Medco Energi,with backing from the Panigoro family,is set to acquire Repsol’s 24% stake in the Corridor Block for $425 million. This acquisition will give Medco Energi a controlling 70% interest in the Indonesian gas field,the third-largest in the nation. Pertamina Hulu Energi Corridor,the state-run energy company,will retain the remaining share.
the deal, anticipated to close in the third quarter, marks a notable expansion of Medco Energi’s oil and gas assets. Hilmi Panigoro, president director, stated the acquisition aligns with their strategy to own and develop high-quality assets, supporting national development with natural gas playing a vital role in the transition to a lower-carbon future.
The Corridor Block, located in South Sumatra, includes seven gas fields and one oil field. Last year, it produced 58,000 barrels of oil equivalent per day.The block has existing long-term contracts with customers in both Indonesia and Singapore.
medco Energi’s annual report indicates a production of over 124,000 barrels of oil equivalent per day last year, demonstrating its growing presence in the oil and gas industry. The Panigoro family, with a net worth of $3.25 billion, ranks among Indonesia’s wealthiest. Medco Energi, founded by Arifin Panigoro in 1980, previously partnered with Agoes Projosasmito in 2016 to acquire Amman Mineral for $2.6 billion. Amman Mineral’s IPO in 2023 raised $710 million.
What’s next
Medco Energi is expected to focus on integrating the Corridor Block assets and optimizing production to meet growing energy demands in Indonesia and Singapore. Further acquisitions in the oil and gas sector are possible as the company seeks to expand its portfolio.