Indonesia's largest listed independent E&P (~145 mboe/d, gas-weighted), built through the 2019 Ophir and 2022 Corridor (ex-ConocoPhillips) acquisitions: core assets are South Sumatra Corridor gas, offshore South Natuna Sea Block B, and Senoro (Donggi-Senoro LNG) in Indonesia, plus oil in Oman (Karim/Block 56), Yemen (Block 9) and Thailand (Bualuang). It also runs Medco Power (~3 GW gross IPP incl. Sarulla geothermal).
The defining feature is a large non-E&P asset: Medco holds roughly a 20% stake in Amman Mineral (AMMN), owner of the Batu Hijau copper-gold mine, one of Indonesia's most valuable listed companies. That stake is carried by the equity method and its market value can exceed Medco's own market cap, so the shares trade on both oil & gas cash flow and a swing mining call, with a wide sum-of-parts discount; leverage (~$3bn net debt) remains the main balance-sheet watch item.
Its EV/EBITDA of 3.8x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 25.8% is higher than the 6.5% median, and at $12.38/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Medco Energi scores 48/100, strongest on growth (78/100). Sub-scores: value 65, quality 37, growth 78, risk 75 (higher = riskier).
Medco Energi holds approximately 0.39 billion boe of proved (1P) reserves with FY2025 production of about 156 thousand boe/d (28% liquids), a reserve life of roughly 6.8 years. Break-even: ~$40 (Brent FCF breakeven) — Gas-heavy portfolio with substantial take-or-pay/priced gas contracts (Corridor, Senoro, South Natuna to Singapore/domestic) plus low-cost Oman/Thailand oil gives a corporate cash breakeven in roughly the low-$40s Brent; high fixed gas revenue cushions oil-price swings but heavy interest cost keeps the breakeven above pure-play upstream peers.
For Medco Energi, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Indonesia | 72% | 51 | Gross-split PSCs, resource nationalism, declining oil output. |
| Oman | 15% | 41 | Stable Gulf; mature fields, EOR-dependent, fiscal reform. |
| Thailand | 8% | 55 | Stable output; mature Gulf fields, periodic political unrest. |
| Yemen | 5% | 99 | Civil war, force majeure, blocked exports, no functioning regime. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Corridor Block | Indonesia | Gas | Core South Sumatra gas; domestic + Singapore sales, acquired from ConocoPhillips 2022 |
| South Natuna Sea Block B | Indonesia | Oil & gas | Offshore Natuna oil and gas; gas piped to Singapore/Batam |
| Senoro / Donggi-Senoro LNG | Indonesia | Gas / LNG | Central Sulawesi gas feeding the Donggi-Senoro LNG plant |
| Karim Small Fields (Block 56) | Oman | Oil | Onshore Oman oil production/service contract |
| Block 9 (Malik) | Yemen | Oil | Onshore Yemen oil; elevated country risk |
| Bualuang | Thailand | Oil | Offshore Gulf of Thailand oil field (from Ophir acquisition) |
| Medco Power | Indonesia | Power (IPP) | ~3 GW gross incl. Sarulla geothermal, gas and solar |
| Amman Mineral (AMMN) stake | Indonesia | Mining (copper/gold) | ~20% stake in Batu Hijau copper-gold; value can exceed Medco's own market cap |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 96 | 162 | 161 | 147 | 156 |
| Proved reserves (bnboe) | 0.24 | 0.33 | 0.34 | 0.33 | 0.39 |
| Revenue ($bn) | 1.2 | 2.3 | 2.2 | 2.4 | 2.4 |
| EBITDA ($bn) | 0.6 | 1.5 | 1.0 | 1.1 | 1.3 |
| Net income ($bn) | 0.1 | 0.5 | 0.3 | 0.4 | 0.1 |
| Free cash flow ($bn) | 0.1 | 0.6 | 0.5 | 0.3 | 0.5 |
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✓ FY2025 figures verified against primary sources:
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