Indonesia’s Medco to operate Libya oil block

Indonesian energy firm PT Medco Energi International Tbk (MEDC.JK) reported that it has has become the operator of the Area 47 oil block in Libya, replacing Canadian energy firm Verenex.

The press release is quoted as saying:

Medco has said previously it plans to invest $1.7 billion between 2010-2014 in several major projects, including oil developments in Libya. Medco Energi’s Area 47 project in Libya is expected to produce between 50,000-100,000 barrels per day (bpd) of crude oil and is due to start production in 2014.