Jakarta - PT Medco Energi Internasional Tbk (MEDC) has completed the acquisition of all shares issued by ConocoPhillips Indonesia Holding Ltd (CIHL) from Phillips International Investments Inc., a subsidiary of ConocoPhillips Company (COP).

With a 54% working interest in the Corridor PSC and a 35% interest in Transasia Pipeline Company Pvt. Ltd. (Transasia), CIHL owns 100% of ConocoPhillips (Grissik) Ltd (CPGL), the Corridor PSC's operator.

Corridor PSC operates two oil and gas production fields onshore in South Sumatra, Indonesia, adjacent to Medco Energi's South Sumatra operations. Most production is sold through long-term gas sales and purchase contracts to reliable partners in Indonesia and Singapore.

Through Transasia, Medco Energi has a minority stake in the gas pipeline network that supplies customers in Central Sumatra, Batam, and Singapore.

In a statement released on Friday (4/3), MedcoEnergi Corporate Secretary Siendy K Wisan