Madko Energy aims to expand in the energy and mining sectors.

Medco owns 21% of Aman, a stake that has helped expand the company’s reach beyond its fossil fuel base. Additionally, Medco has ventured into renewable energy with projects in geothermal and solar energy. Consequently, Medco is now a diversified company in the energy and mining sector in Southeast Asia, operating in nine countries.

Company History and Transformation

Medco Energy International was founded in 1980 as an oil drilling company, fully managed by the Panigoro family. The company’s name was later changed to Medco Energy International. Since then, the company has expanded its activities into various energy and mining sectors, evolving into a diversified company operating in multiple countries.

Expansion Strategy

Medco seeks to further expand its operations, both organically and through acquisitions of other companies. The company’s CEO, Hilmi Panigoro, aims to increase the company size and diversify revenue sources. Acquiring Aman, investing in renewable energy, and expanding oil and gas production are considered key steps contributing to this strategy.

Challenges and Opportunities

Medco faces challenges such as fluctuations in oil and gas prices and flooding issues that affect its production. However, the company sees continuous opportunities for growth and expansion, with teams actively seeking good acquisition opportunities that could add value to the company. Investments in renewable energy and mining sectors are expected to play a significant role in driving the company’s growth in the future.

Future of the Company

Medco intends to double its oil and gas production in the next five years, seeking to explore new acquisition opportunities that enhance its reserves and output. However, the company recognizes the importance of transitioning to renewable energy and mineral mining in the future, working to increase its production capacity in these sectors. The company is expected to play a vital role in meeting the increasing demand for copper, gold, and renewable energy in Southeast Asia and the world.

Source: https://www.forbes.com/sites/ardianwibisono/2023/12/06/indonesian-energy-player-medco-aims-to-keep-expanding/