Medco Expands Onshore PNG Operations
News: Indonesia-based oil producer Medco Energi, through its subsidiary Medco Asia Pacific has entered a sale and purchase agreement with Moonbi Enterprises to buy a 90% stake in its subsidiary Moonbi Energy. Following the acquisition, MedcoEnergi will secure a six-year licence to perform oil and gas exploration activities in Petroleum Prospecting Licence No. 470 (PPL 470) on the Papuan Fold Belt (Papuan Basin) in Papua New Guinea. PPL 470 comprises four onshore blocks covering 324sq kilometres.