PT Medco Energi aims to nearly triple its oil and gas output over the next decade. The Indonesian firm wants to boost its production from the equivalent of 120,000 bpd to 300,000 bpd and will explore acquiring existing onshore wells to help it meet the goal. The company believes strong demand from the aviation and petrochemical sectors, combined with a lack of exploration due to demand for low-carbon projects, will push crude prices above $100 per barrel over the next 10 years.
PT Medco Energi aims to nearly triple its oil and gas output over the next 10 years. The Indonesian firm wants to boost its production from the equivalent of 120,000 bpd to 300,000 bpd and will explore acquiring existing onshore wells to help it meet the goal. The company believes strong demand from the aviation and petrochemical sectors, combined with a lack of exploration due to demand for low-carbon projects, will push crude prices above $100 per barrel over the next decade.