Indonesian energy company to spend $320m on developing new blocks
Indonesian energy company Medco Energi International is increasing its investment in its Tunisian assets as it aims to boost oil and gas output in the country from 2,800 barrels to 16,000 barrels of oil equivalent a day.
The company is planning to spend $320m on blocks it acquired in August, according to a presentation made to investors.
Medco Energi obtained the blocks through the $114.03m acquisition of Storm Ventures International Barbados from a subsidiary of the Canada-based oil and gas exploration company Chinook Energy.
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