MedcoEnergi to acquire a 80% stake in South Sakakemang from Repsol.

MedcoEnergi, an Indonesian oil and gas company, agreed to acquire a 80% stake in South Sakakemang, a production sharing contract for oil and gas operations, from Repsol, an energy company. Financial terms were not disclosed. “These acquisitions, ~US$90m in total, strengthen the Company’s strategic position in South Sumatra and Java’s integrated gas value chain. Our reserve base and ownership in strategic infrastructure secure access to long-life cash-generating assets and enhance MedcoEnergi’s role in supporting Indonesia’s energy needs,” Roberto Lorato, MedcoEnergi Chief Executive Officer.