PT Medco Energi Internasional (MEDC) CMD 2024 Presentation summary

Company overview and strategy

• Operates a diversified energy portfolio across oil & gas, clean power, and copper & gold mining, with a strong presence in Southeast Asia and the Middle East.

• Growth driven by accretive acquisitions, including successful expansion into Oman and the IPO of Amman Mineral.

• Focuses on meeting rising energy demand in fast-growing Southeast Asian economies, leveraging demographic and economic trends.

• Strategy centers on expanding oil & gas, investing in renewables and mining, decarbonization, and enhancing shareholder returns.

• Maintains a disciplined investment approach, prioritizing high-margin assets and manageable risks.

Oil & gas operations

• Holds one of the largest commercial reserves and production bases among Southeast Asian peers, with a 5-year 2P RRR of 233%.

• Key assets include South Natuna Sea Block B, Corridor PSC, and Oman blocks, with significant production and new resource opportunities.

• Actively monetizes undeveloped resources in Oman, Senoro-Toili, Bangkanai, and Tanzania, targeting production increases and PSC extensions.

• Pursues CCS opportunities and climate design, including solar PV installations on offshore facilities.

• Maintains unit production cash costs below $10/boe and repays acquisition debt within 2-3 years.

Clean and renewable power

• Rapidly expanding clean power portfolio with gas, geothermal, and solar PV projects, targeting over 2 GWp solar capacity by 2030.

• Major projects include Riau (275 MW), Sarulla (330 MW), Ijen (110 MW), and the Bulan Island solar export to Singapore (600 MW phase 1).

• PLN plans to open up to 60% of new power capacity to private sector, creating significant investment opportunities.

• Supports both on-grid and captive power, with cross-border interconnection initiatives.