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4 March 20223 minute read

DLA Piper advises MedcoEnergi in its acquisition of ConocoPhillips Indonesian assets

DLA Piper advised PT Medco Energi Internasional Tbk (MedcoEnergi) in its acquisition of ConocoPhillips Indonesia Holding Ltd. from Phillips International Investments Inc., a subsidiary of ConocoPhillips Company.

With this acquisition comes operatorship of the Corridor PSC with a 54% working interest and a 35% interest in the Transasia Pipeline Company Pvt. Ltd (Transasia), assets which in majority supply gas under long-term contracts to Indonesian and Singaporean buyers. Through Transasia, MedcoEnergi now owns an interest in a gas pipeline network supplying Central Sumatra, Batam, and Singapore customers. The acquisition supports MedcoEnergi's Climate Change Strategy, and includes carbon capture opportunities.

The team was led by Hong Kong-based Finance, Projects and Restructuring partner Russell Wilkinson and included counsel Neil Macdonald, senior associates Naomi Hong and Janet Zheng, and associate Zack Lin. The core team was also supported by New York-based Structured Finance of counsel Lucien White and the DLA Piper Africa, Mauritius team.

Russell Wilkinson said "We are privileged to have assisted MedcoEnergi with the acquisition of these gas assets that provide the energy needs and keep the lights on for people in Indonesia and Singapore. In addition, by including the opportunity for carbon capture, MedcoEnergi underscores its commitment to providing environmental-friendly energy for the future.”

MedcoEnergi was awarded the Upstream Deal of the Year award for this transaction at the Energy Council APAC Awards 2022. It was also recognised as Upstream Company of the Year and its CEO and Director Roberto Lorato was named Executive of the Year.