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EXPANDING OUR
HORIZONS
2023 A N N U A L
R E P O R T
PT Medco Energi Internasional Tbk
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EXPANDING OUR HORIZONS In 2023, we continued our journey to strengthen our international position and solidify our domestic leadership. The Oman acquisition and the Corridor PSC extension both provide a platform for further upside and greater value to shareholders. We expanded our energy transition commitment with the development of the Ijen geothermal project and made good progress on our Solar PV projects. The Amman Mineral Internasional (AMMN-IDX) Initial Public Offering was also extremely successful. Our dedication to environmental, social and governance initiatives and commitment to sustainability are well recognized by international ESG rating agencies. To maintain this trajectory, we continue to set ourselves challenging targets to improve operational excellence, safety and financial performance and our community contribution, in order to position MedcoEnergi as a leading sustainable energy company and one of Southeast Asia’s largest independent energy companies. Kerisi Platform, South Natuna Sea Block B, Riau Islands
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2023 LAPORAN
TA H U N A N
Page 4
Thailand
Vietnam
20
32
21
31
19
1 17
16
24
2
3 30
4
Su
15 Kalimantan
m
at
18
ra
5
8
6 9
11
Java
7
1 Block A Aceh 10 Ijen Geothermal
2 Sarulla Geothermal 11 Madura Offshore
10 14
3 Riau CCPP 12 Bali Solar PV
4 Corridor 13 Sumbawa Solar PV 19 West Bangkanai 12
5 South Sumatra Region 14 Batu Hijau & Elang 20 Tarakan
13
6 South Sumatra IPP 15 Batam IPP 21 Simenggaris
7 Cibalapulang Mini Hydro 16 South Natuna Sea Block B 22 Senoro-Toili
8 The Energy Building (HQ) 17 North Sokang 23 Donggi Senoro LNG
9 Sampang 18 Bangkanai 24 Beluga
25 Block 10, Mexico 28 Block 9 Malik, Yemen 30 Onshore Receiving Facility, Singapore
Block 12, Mexico 29 Block 60, Oman 31 Chim Sao and Dua, Vietnam
26 Area 47, Libya Block 48, Oman 32 Bualuang, Thailand
27 Block 1, Tanzania Block 56, Oman
Acquired Divested
Block 4, Tanzania Karim Small Fields, Oman December 2023 April 2024
2 PT Medco Energi Internasional Tbk 2023 Annual Report
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25 Mexico 26 Libya 28 Yemen
27 Tanzania 29 Oman
23
Sulawesi
Papua
22
Oil & Gas Power Copper & Gold
Mining
Production Installed Production
Development Development Development
Exploration Exploration
2023 Annual Report PT Medco Energi Internasional Tbk 3
Page 6
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Table of Contents
01 04
2023 Company
Performance Profile
10 Report by the President Commissioner 52 Company History
12 Report by the President Director and the CEO 54 MedcoEnergi in Brief
16 Achievements 56 Management
17 Awards 60 People and Organization
68 Financial Highlights
69 Operational Highlights
70 Share Performance
02
71 Shareholding Composition
73 Outstanding Securities
80 Corporate Data
Management Discussion 81 Company Offices and Supporting Institutions
& Analysis
05
20 Financial Review
24 Business Prospects and Challenges
24 New Sales Contracts
Sustainability
84 Sustainability
85 Sustainability Policy
03
85 2023 Achievements
87 Community Development Highlights
Business
Activities
28 Oil & Gas
38 Expanding Our Reach in Oman
40 Power
44 Copper and Gold Mining
48 Other Businesses
4 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
06
Corporate
Governance
92 Principles
92 General Meeting of Shareholders
95 Board of Commissioners
98 Board of Directors
102 Good Corporate Governance Committee
103 Audit Committee
106 Nomination and Remuneration Committee
108 Sustainability & Risk Management
109 Sustainability & Risk Management Committee
110 MedcoEnergi Code of Conduct
111 Corporate Secretary
112 Corporate Audit and Integrity Compliance
115 Anti-Corruption
116 Whistleblowing Systems
117 Employees and Management Shares Ownership
Program
119 Material Transactions
120 Independent Accountant
121 Board of Commissioners & Board of Directors
Statement
07
Attachments
124 Company Structure
126 Organization Structure
127 List of Abbreviations
129 Cross Reference to OJK
Annual Report Requirements
142 e-Financial Statements Oyong, East Java
2023 Annual Report PT Medco Energi Internasional Tbk 5
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
2023
Expanding Our Horizons
12 5
Onshore Offshore Oil & Gas Production (mboepd)
Production Production 163 160
Assets Assets
103 100 94
85
10 9
52 64 60 60 129 128
Exploration Presence in Gas
Assets Countries Oil 33 39 40 34 34 32
2018 2019 2020 2021 2022 2023
80% 20%
Onshore Offshore 2P Reserves and Contingent Resources
Oil & Gas Production Production (mmboe)
20% 80%
943 1,125 996 1,040 1,041
Oil Gas Contingent 491
Resources
Production Production 282 301 310 389 481 539
2P Reserves
2018 2019 2020 2021 2022 2023
7 1
Operated Operated Power Sales, Gas-Fired
Gas-fired Geothermal & Renewables (GWh) 3,993 4,155
IPPs IPP 801
855
2,704 2,600 2,639 2,718
2 1
843 802 817 870
Operated
Operated
Mini Hydro Renewables
Solar PV 1,861 1,798 1,822 1,848 3,138 3,353
IPPs Gas-Fired
2018 2019 2020 2021 2022 2023
Power 926 IPP
Power 1,925 O&M
Power 19% 4,155 Total
MW Capacity MW Capacity Renewables GWh Sales
120,000 tons/day
Processing
Facilities
Copper & Gold Production
731
463
25,000
132
Rights Gold (Koz) 156
71 56
Area Copper (Mlbs) 142 130 294 234 464 312
Copper & Gold ha 2018 2019 2020 2021 2022 2023
Mining
6 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
5,152 13,500
Employees Contractors
1,000 1,058 Our People
Petro-Technical Training Courses
Professionals
Maintained MSCI ESG Rating1
A A
BBB
BB BB
B
2018 2019 2020 2021 2022 2023
Improved Sustainalytics ESG Risk Rating2 Maintained CDP Score
46.9 42.2
36.7 B B Environmental,
29.6 Social &
2022 2023 Governance
2020 2021 2022 2023
1)
In 2023, PT Medco Energi Internasional Tbk received an MSCI ESG Rating of A. MSCI Disclaimer Statement on page 128
2)
Sustainanalytics Disclaimer Statement on page 128
Revenue EBITDA
US$ billion US$ milion
1.1 1.4 1.1 1.3 2.3 2.2 523 620 494 667 1,593 1,255
Financial
2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023
2023 Annual Report PT Medco Energi Internasional Tbk 7
Page 10
2023 Performance 10 Report by the President Commissioner 12 Report by the President Director and the CEO 16 Achievements 17 Awards
Page 11
01
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Report by
the President
Commissioner
2023 was another year
of significant progress
for MedcoEnergi,
robust operational and
financial performance,
strong governance
and unwavering
focus on safety and
sustainability.
Yani Y. Panigoro
President Commissioner
This year there were again key achievements in all three A significant milestone was also the award, by Singapore’s
business segments: Oil & Gas, Power and Copper and Gold Energy market Authority (EMA), of a conditional license to
Mining. But we were particularly pleased to see continued import 600 MW of solar-powered electricity – a potentially
improvement in safety performance and further external transformational project.
recognition of our sustainability programs, confirming
the Management commitment to keeping our workforce Our investment in Copper and Gold Mining continues to
safe and healthy, and to protect the environment and the yield positive results. The successful IPO of Amman Mineral
communities where we operate. Internasional, the largest listing in Indonesia for 2023, will
fuel major projects like smelter construction and Elang Block
development.
EVALUATION OF MANAGEMENT AND
STRATEGY EXECUTION The Board of Commissioners commends the Directors’
The Board of Commissioners commends the Directors steadfast commitment to Safety and Sustainability, and
for delivering a year of remarkable results: robust to further embedding the Environmental, Social, and
Oil & Gas production levels, new gas developments and sales Governance (ESG) principles across all MedcoEnergi
agreements, improved economic terms for the Corridor PSC activities. This unwavering focus is essential for our long-
and the successful acquisition of 20% interests in two Oman term success and positions MedcoEnergi as a leader in
assets, whilst the Power division delivered record power sales Indonesia’s and the region’s transition towards cleaner energy
and advanced its cleaner energy credentials by committing and sustainable development. This dedication has yielded
to the Bali PV project, the Ijen geothermal project and tangible results in 2023, with an improved Sustainalytics
the Energi Listrik Batam (ELB) combined cycle project. rating and maintained CDP and MSCI ratings.
10 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
SUPERVISING THE BOARD OF EMPOWERING WOMEN IN LEADERSHIP
DIRECTORS We believe in creating an environment where everyone feels
The Directors take a leading role – under the supervision empowered to contribute and reach their full potential. And we
of the Board of Commissioners – in the elaboration and are dedicated to gender equality and providing opportunities
execution of the Company’s strategy. Regular meetings for women to take on leadership roles. Therefore, we are very
between BOC and BOD facilitated this collaboration. Both pleased to see that the female representation is increasing
Boards meet quarterly to discuss plans for the Company across our organization, including at management level. And
and assess progress against goals and targets. In 2023, we are particularly proud that two talented women engineers
five meetings were held to address specific priorities, received top honors in MedcoEnergi’s annual Innovation
these included budgets approval, review of the Company’s Awards Program, a program that encourages participation
quarterly results and elaboration of long-term plans to from all employees and fosters a culture of innovation.
ensure MedcoEnergi remains strategically focused. The
Directors also held regular meetings with our investors, PROSPECTS FOR 2024
to ensure an effective two-way communication on key As the global shift towards lower-carbon energy sources to
business matters, including ESG. mitigate the adverse effects of climate change intensifies,
an increasing number of nations are reinforcing their energy
GOOD CORPORATE GOVERNANCE independence by investing in renewable energy alternatives.
The Directors demonstrated a strong commitment to good MedcoEnergi intends to remain at the forefront of this energy
corporate governance throughout the year. This dedication transition in Indonesia. However, oil and gas still have a key
is reflected in enhanced practices, policies and certifications role to play in industries transition, including petrochemicals
which have strengthened MedcoEnergi’s governance and power generation, and will remain relevant during
framework. The Company established a standalone Human the energy transition, especially in South East Asia. The
Rights Policy and launched a Corporate Anti-Money Commissioners’ view is that all three sectors – Oil & Gas,
Laundering Policy. We also continued to expand ISO 37001 Power and Copper and Gold Mining – remain attractive
certification in Anti-Bribery Management Systems across and have good business prospects. We fully support the
our assets, this year to E&P Corridor. strategies set by the Directors for these three business areas
and are confident in their ability to execute the action plans
In carrying out its supervisory duties, the Board of and deliver our targets.
Commissioners is assisted by the Audit Committee,
the Sustainability & Risk Management Committee, the APPRECIATION
Nomination & Remuneration Committee and the GCG In 2024 we mourned the passing of Ibu Raisis Arifin Panigoro.
Committee. All four committees performed diligently She played an important role as advisor to the Medco Group
throughout 2023, adhering to their established charters, and drove the Company’s community action. Ibu Raisis was
holding regular meetings with the Commissioners and deeply committed to improving health for all and was dedicated
providing ad-hoc assessments and recommendations. These to addressing tuberculosis, a significant problem in Indonesia.
dedicated committees play a vital role in ensuring strong She served as the Chair of the Central Executive Board of the
corporate governance. More information about their roles Indonesian Tuberculosis Eradication Association and was a
and responsibilities and 2023 activities can be found in member of the International Union Against Tuberculosis and
Chapter 6. Lung Disease. She will be greatly missed.
We extend our thanks to our Directors, employees and all stakeholders – government, vendors,
contractors and the communities in which we operate – for their hard work and support in 2023. We
wish you all a happy and healthy 2024.
Yani Y. Panigoro
President Commissioner
2023 Annual Report PT Medco Energi Internasional Tbk 11
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Report by
the President Director
and the CEO
Hilmi Panigoro and
Roberto Lorato
President Director and
Chief Executive Officer
12 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
In 2023, we 2023 was another busy and productive The acquisition of 20% interests in
year. We met all our targets for Blocks 60 & 48 in Oman continues this
achieved best Oil & Gas, Power sales, unit costs, trend and opens a potential new hub
in class ESG capital deployment and debt for low-cost production in a familiar
reduction. We also increased our cash operating environment, while also
performance and dividends, extended the Corridor boosting the Company’s production
robust operational PSC, closed the acquisition in Oman and reserves life. We believe we can
and progressed our renewable Power unlock significant value through the
and financial projects. MedcoEnergi again achieved development of already discovered
results. We also world-class safety performance and gas resources and through exploration.
further improved in sustainability, To this purpose, we will second
closed a significant with top quartile ESG ratings. Among experienced, senior staff to work
acquisition in other achievements, the year saw alongside the operator, recognizing
Oman, while the successful IPO of PT Amman
Mineral Internasional Tbk, clearly
that we have advanced expertise in
exploration, gas development and
Amman Mineral demonstrating the value of our 20.9% production, and sustainability.
Internasional stake in the listed company, AMMN.
In Power, our strategy is to expand
delivered a very MACROECONOMIC VIEWS our portfolio of gas and renewables
successful IPO. FOR 2023 IPPs to support Indonesia’s transition
Indonesia’s economy remained from coal-based to cleaner energy.
resilient in 2023, growth for the year In 2023 we made good progress with
was 5.05%, down slightly from 5.31% our renewable projects and were
in 2022. This growth ensured that awarded, by Singapore’s Energy
energy demand remained positive, Market Authority (EMA), a conditional
but the lower international benchmark license to import 600 MW of solar-
for oil prices affected MedcoEnergi’s powered electricity from Pulau Bulan
financial results. – a potentially transformational project
for Medco Power.
The higher interest rates that persisted
through 2023 have affected projects’ Following the successful IPO of
economics and investors’ expectations. PT Amman Mineral Internasional
MedcoEnergi has felt the increase Tbk, our strategy in Copper and
in the cost of borrowing, but has Gold Mining emphasizes responsible
mitigated the challenges through its and sustainable production. Amman
well-established relationships within will focus on expanding its world-
the banking sector and its ability to tap class facilities and infrastructure
diversified funding sources, including while adhering to the sustainability
syndicated bank loans, domestic commitments signed up to through
bonds and foreign currency bonds. The Copper Mark, the first and only
assurance framework for copper.
STRATEGY
IMPLEMENTATION Our strategy continues to deliver
Our strategy continued to deliver value in terms of production growth,
significant milestones across our three expansion of our footprint in Oil & Gas
core businesses: Oil & Gas, Power, and and Power and participation to the
Copper and Gold Mining. global transition to electric energy, for
which copper is a critical element. We
In Oil & Gas we have established intend to be a leader in the supply of
a record of successfully acquiring reliable and sustainable cleaner energy,
complex, high-margin producing and are actively building our expertise
assets and adding value through in this area, including low-carbon
operating efficiencies, fast-track solutions such as carbon capture, LNG
developments and low-risk exploration. and hydrogen.
2023 Annual Report PT Medco Energi Internasional Tbk 13
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Report by
the President Director
and the CEO
ACHIEVEMENTS AND OPERATIONAL South Natuna Sea Block B was the focus of significant capital
HIGHLIGHTS spending in 2023; we progressed development of Bronang,
Notwithstanding robust Oil & Gas production West Belut, Forel and Terubuk Fields and we also secured a
160 mboepd and record Power Sales 4,155 GWh, the new GSA for export into Singapore. Good results were also
Company’s EBITDA US$1,255 million and Net Income achieved in our other Oil & Gas assets, both domestic and
US$331 million were lower than in 2022, reflecting lower International, through infill drilling, acid fracturing and other
Oil & Gas prices and reduced contribution from AMMN, activities to sustain production and add new reserves. 2023
which operations were affected by severe rainfalls and delays year-end 2P amounted to 539 mmboe and the Reserves Life
in renewing the export permit. Index improved to 10.6 years.
In 2023 average realized oil prices were US$78/bbl, down In 2023 we also expanded our exploration portfolio with the
US$18/bbl year-on-year from the US$96/bbl in 2022, and award of the Beluga PSC, close to our South Natuna Sea
average gas prices were US$7/mmbtu. Despite lower prices, Block B. We are currently pursuing environmental approvals
Oil & Gas results remained resilient due to our low unit cash for exploration activities.
costs US$8.3/boe. Capital expenditures, excluding the
Oman acquisition, were US$333 million spent mainly upon Power
progressing developments in Natuna, Corridor and the Ijen On top of their record power sales of 4,155 GWh, Medco
geothermal project. Power progressed drilling and construction activities at
Ijen geothermal (Phase 1, 34 MW), which reached 60%
Through the past five years’ cycle of acquisitions and completion at end of 2023 and is expected to commence
deleveraging, we have been able to strengthen the commercial operation by Q1-2025. We also made final
Company’s financial position. Excluding the debt drawn at investment decisions on the East Bali solar PV project
year-end to close the Oman acquisition, our gross debt is (25 MWp) and the 39 MW Add-On energy conservation
now back to 2018 levels, but with significantly larger scale project at PT Energi Listrik Batam (ELB) to utilise currently
and larger cash generation capacity, which has allowed us to wasted heat. The Bali PV project is expected to enter service
reward our shareholders with increased cash dividends, total by Q1-2025, the ELB Add-On Project around mid-2025. In
US$65 million were distributed in 2023. 2023 Medco Power received numerous awards for their
excellent safety performance, as further detailed on page 17.
Health And Safety
In 2023 we again improved our health and safety performance. Copper and Gold Mining
Oil & Gas recorded a Total Recordable Incident Rate (TRIR) We are very pleased with our investment in Copper and Gold
of 0.15, well below the international industry average, whilst Mining through Amman Mineral Internasional. The Company’s
Medco Power achieved Zero TRIR for the third consecutive successful IPO was the largest in Indonesia in 2023 and
year. We attribute our improved injury rate and zero lost we see the value of this investment continuing to increase,
time incidents to our continuous efforts to ensure all work given the global trend towards energy electrification. The
is conducted to the highest of standards, we systematically construction of smelter reached 76.1%.
investigate any incident and strive to understand and
close gaps. We will continue to elevate our safety culture, Sustainability
and require visible leadership from all our employees and In sustainability and ESG, we are guided by our vision and
contractors. policies, which include our Climate Change Strategy and
our new human rights policy. One of our key achievements
Oil & Gas was meeting the 2025 emission reduction targets two years
Our largest asset is the Corridor Block, which in 2023 produced in advance; in fact, our Oil & Gas operational assets have
net 74.4 mboepd. During the year various long-term gas sales achieved a 22% carbon emissions reduction from the 2019
contracts to supply major domestic and international buyers base year. Our achievements were recognized positively
were renewed and in December Corridor PSC entered its 20 by ratings agencies; we sit now in the top quartile of the
years extension under Cost Recovery scheme, with improved Oil & Gas sector. In 2023 our Sustainalytics score for ESG
terms that will provide flexibility to invest further and add risk again improved to 29.6 (medium risk) from 36.7 (high
reserves. We have already identified new developments, risk), while we maintained our ESG rating from MSCI at A and
including Suban, Sumpal and Dayung and added our CDP rating at B, having improved both of these in 2022.
14.4 mmboe net in P1 reserves in 2023.
14 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
In 2023, we also intensified our capacity building across all Our 2024 guidance for Oil & Gas production is
employees and assets within the Medco Group and with 145-150 mboepd, and our unit cash costs target remains
vendors at our annual Vendor Day and in other forums. We below US$10/boe. Our targeted capital expenditure for the
have invested significant efforts in recent years in building Oil & Gas unit is US$350 million, which will mainly be focused
our knowledge and capabilities in ESG, climate change and in Oman, South Natuna Sea Block B and Corridor PSCs. For
the energy transition. Medco Power, we forecast power sales at 4,100 GWh and
capital expenditure at US$80 million, which will mainly be
CORPORATE GOVERNANCE directed at completing the Ijen Geothermal and the Bali PV
We strive to implement the highest standards in all that we projects and progressing the ELB Add-On project.
do, and our latest Climate Change governance improvements
contributed to increase our ESG ratings score. The agencies In 2023 Amman will complete its Smelter Projects and
improved our safety score, and also acknowledged changes further progress its Processing Plant Expansion Project and
we made to the whistleblower system and our emissions a 450 MW combined-cycle gas power plant and LNG storage
reductions. We also continued to work to implement ISO and regasification terminal at Benete Bay.
37001 in Anti-bribery Management Systems across our
assets, and in 2023 achieved certification for Corridor. APPRECIATION
We remember with respect and appreciation Ibu Raisis Arifin
We established a comprehensive Human Rights Policy Panigoro, who sadly passed away in January 2024. Ibu Raisis
aligned with international standards, consolidating existing served as a valued advisor to MedcoEnergi, predominantly in
commitments from our Code of Conduct and other advancing the Company’s commitment to social issues. Her
documentation. Promoting diversity and gender equality commitment to helping those in need serves as an inspiration
are key priorities within this policy. While some areas of our to us all.
operations, such as oil platforms, remain male dominated,
it is pleasing to see that increasing numbers of operators, We extend our sincerest gratitude to all MedcoEnergi
technicians, senior management, and finance and other employees. Your dedication, innovative spirit, professionalism,
professionals are female. and commitment to upholding the highest ethical standards
were instrumental in achieving the significant progress we
2024 OUTLOOK made in 2023.
Our key deliverables for 2024 are to continue to elevate our
safety culture and to progress the development of Natuna, We also extend our sincere appreciation to all our valued
Corridor and Bangkanai, deliver Ijen geothermal, East Bali stakeholders: government, shareholders, investors, partners,
solar PV and ELB Add-On projects and to advance the contractors, vendors, and the communities where we operate.
Pulau Bulan project. We will maintain our commitment in Your continued trust and support have been essential in
ESG, further expand our capabilities to support the energy enabling us to expand our horizons and achieve another
transition and continue to engage with our stakeholders and successful year.
investors, who are key to continuing our growth trajectory.
Hilmi Panigoro Roberto Lorato
President Director Chief Executive Officer
2023 Annual Report PT Medco Energi Internasional Tbk 15
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Achievements
• Met all operational guidance: Oil & Gas production 160 mboepd, capex US$250 million
and unit cash cost below US$10/boe.
• Acquired 20% non-operated interests in Block 60 (producing) and Block 48
(exploration) in Oman.
• Extended Corridor PSC under Cost Recovery scheme with improved terms to support
new exploration and development.
• Signed several new Corridor GSAs with both export and domestic customers, and a
Oil & Gas new export Natuna GSA.
• Increased the 2P Reserves Life Index (RLI) to 10.6 years and the 1P RLI to 7.5 years.
• Repaid Oil & Gas debt down to the 2018 level, prior to the Ophir acquisition.
• Awarded new exploration PSC for Beluga Block in Natuna Sea.
• Three consecutive years with zero TRIR.
• Power sales exceeded guidance, 4,155 GWh.
• Received conditional approval from Singapore’s Energy Market Authority for the
import of 600 MW from a solar farm and a recommendation from the Indonesian
Government for the subsea cable route, paving the way for a large-scale solar project
at Pulau Bulan with over 2,000 MWp of solar PV Capacity.
• Drilled five of the six wells needed for phase one of the 110 MW Ijen Geothermal
Power project, which will be East Java’s first geothermal power plant.
• Made the Final Investment Decision for East Bali Solar PV project and ELB Add-On
Project, Batam.
• Amman Mineral Internasional (AMMN) was listed on the Indonesia Stock Exchange
(IDX) in Indonesia’s largest IPO in 2023.
• AMMN included in Financial Times Stock Exchange (FTSE) and MSCI indices.
Copper & Gold
Mining
• Achieved 2025 GHG and methane emissions targets 2 years in advance.
• Continued MedcoEnergi’s positive trajectory on ESG ratings with Sustainalytics
risk score moving from 36.7 to 29.6; this rating places MedcoEnergi 23rd out of 307
Oil & Gas companies rated by Sustainalytics.
• The MSCI rating was maintained at A and CDP at B, at par with the average for the
Oil & Gas extraction and production sector.
ESG Commitments • Extended ISO 37001:2016 Anti-Bribery Management System (ABMS) Certification to
Medco E&P Grissik.
Bronang Platform, South Natuna Sea Block B
16 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 19
EXPANDING OUR HORIZONS
Awards
Oil & Gas Power Copper & Gold
Mining
IOG Awards 2023 Gold PROPER Good Mining Practice Award 2023
• Medco E&P Natuna received the Project PLN Tanjung Jati B, operated by Medco Amman received the Aditama Award for
Performance Award in the Exploration Power Indonesia through PT TJB Power Environmental Protection Management,
category for the Belida Extension Project. Services, recognized for environmental the Utama Award for Mining Technical
• Medco E&P Indonesia received the conservation efforts which exceed Management and Standardization in the
Assurance and Consulting Excellence regulation standards for five consecutive Mineral and Coal Services Sector.
Award in the Internal Supervision years.
category.
• JOB Tomori received the Integrity
Compliance and Ethics Award and the
Best Cost Initiative Award in the Internal
Supervision category.
SKK Migas Ministry of Environment & Forestry Ministry of Energy and Mineral Resources
Subroto Award Zero Accidents Award Subroto Award
• Donggi Senoro LNG recognized for Tanjung Jati B Power Services, Mitra Amman awarded for most innovative
Utilization of Flare Gas in Downstream Oil Energi Batam and Medco Ratch Power Riau community development and empowerment
& Gas activities. recognized for zero accidents. program in the health sector subcategory.
• Medco E&P Grissik recognized for
maximum efforts in improving Non-tax Amman awarded for Innovation in providing,
State Revenue. developing and managing nursery facilities
in Mineral and Coal Mining.
Ministry of Energy and Mineral Resources Ministry of Manpower Ministry of Energy and Mineral Resources
Gold PROPER Indonesia Best Electricity Award
JOB Tomori recognized for dedication 2023
to environmental conservation and the • Medco Power Indonesia recognized as
implementation of sustainable community Best of the Best Renewables Company.
empowerment programs around its • Energi Listrik Batam recognized as Best
operations. Non-renewables Power Plant Company.
• Tanjung Jati B Power Service recognized
Ministry of Environment & Forestry as Best O&M Company.
Listrik Indonesia Magazine
Green PROPER
Medco E&P Natuna and Medco Energi
Sampang recognized for dedication to
environmental conservation.
Ministry of Environment & Forestry
Tax Award
Medco E&P Grissik and Medco E&P Tomori
Sulawesi recognized for tax payments
that contribute greatly to Indonesia’s
development.
Ministry of Finance, Directorate General
of Taxes
Sustainability Disclosure
Recognition
Bualuang PSC recognized for transparent
sustainability disclosure in accordance with
international ESG practices and standards.
Thaipat Institute
2023 Annual Report PT Medco Energi Internasional Tbk 17
Page 20
Management Discussion & Analysis 20 Financial Review 24 Business Prospects and Challenges 24 New Sales Contracts
Page 21
02
Page 22
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Financial
Review
Anthony R. Mathias
Director & Chief
Financial Officer
20 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 23
EXPANDING OUR HORIZONS
Over the past In 2023 MedcoEnergi met all of our rise in net Finance Charges year on year
operational guidance, for oil & gas despite drawing US$470 million to close
five years, due production, power sales, unit costs, capital the acquisition of the Oman blocks was
to successful expenditure and debt reduction. We also the result of continued multi-year debt
acquisitions, increased our cash dividend, exceeded repayments and bond buybacks.
financial expectations, extended the
targeted Corridor PSC, closed the Block 60 and Consolidated debt closed the year up
exploration, good Block 48 Oman acquisitions, met our US$144 million from US$3,151 million
operatorship and reduction targets for Green House Gas in 2022. In 2023, we secured a new
emissions, two years ahead of plan and US$350 million financing facility, a
good governance, improved our ESG rating. Finally, of US$300 million amortizing loan, and
MedcoEnergi course the Amman IPO was executed in successfully issued a US$500 million
has been able July, the largest Indonesian IPO of the USD Bond. The proceeds from these
year. financings were used to close the Oman
to deliver acquisition, repay maturing debt and
significant Generally, oil prices in 2023 were accelerate our deleveraging strategy
growth in scale, again supportive, although around through capped tender offers which
US$20/bbl below 2022 levels. Brent retired US$425 million of USD notes.
profitability averaged around US$83/bbl in 2023
and shareholder and despite the unstable geopolitical NET INCOME AND EBITDA
returns. environment in the Middle East, prices Mainly as a result of the reduced
were less volatile than in 2022. Brent commodity prices 2023 EBITDA
opened 2023 at US$82/bbl, peaked decreased to US$1,255 million, down
in late September at US$98/bbl, from the US$1,593 million in 2022.
before declining to exit 2023 at around Net Income also fell to US$331
US$78/bbl. In line with this MedcoEnergi’s million, a drop of US$200 million from
average realized liquids prices in US$531 million in 2022. The Company’s
2023 were US$78/bbl compared to share of AMMN Net Income in 2023 was
US$96/bbl in 2022. Our commodity- US$55 million, down US$198 million from
linked gas price fell to US$9.9/mmbtu the US$253 million in 2022 because of
from US$11.6/mmbtu in 2022. Fixed the unprecedented flooding at the mine
gas prices were US$5.9/mmbtu versus site and a delay in the renewal of AMMN
US$6.8/mmbtu in 2022, and the export permit. Our Oil & Gas Net Income
consolidated average realized gas price continued to be underpinned by our
decreased to US$7.0/mmbtu from fixed prices contracts, a strength of the
US$8.2/mmbtu in 2022. Company, and these performed strongly.
Interest rates in 2023 in Indonesia and the Net Income was also affected by several
United States continued their steady rise, non-cash items. DD&A charges in 2023
with the Fed Funds rate ending the year were US$108 million below 2022, due
at 5.5%, up from the 4.5% at the end of to additional reserves added in 2023,
2022. Expectations for 2024 are that the mainly at the Corridor and Natuna Blocks
Fed may be able to cut interest rates in the following the signing of new long term gas
second half of the year and central banks contracts. The IPO of AMMN in July was a
around the world will then begin to follow. great success and resulted in a dilution gain
of US$84 million. The bargain purchase
In 2023 MedcoEnergi net Finance Charges from Oman acquisition was US$36 million,
were US$226 million, up US$7 million from largely from the continued higher price
the US$220 million in 2022. The modest environment since the acquisition.
2023 Annual Report PT Medco Energi Internasional Tbk 21
Page 24
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Financial
Review
There was also a fair value gain of US$24 million at DSLNG of US$44 million of VAT which is unlikely to be recovered
because of higher reserves from its supplying fields. However, under the current PSC rules. We also took the decision to
continued challenges at the Block A gas plant resulted in sell our Libya asset which resulted in a further write down of
an impairment of US$59 million, and a further write-off US$50 million.
Consolidated Statement of Profit of Loss and Other Comprehensive Income (US$)
Increase/
Description 2022 2023 %
(Decrease)
Continuing Operations
Total Sales and Other Operating Revenues 2,312,227,602 2,249,337,578 (62,890,024) -3%
Total Cost of Sales and Other Direct Costs (1,066,156,558) (1,215,676,557) 149,519,999 14%
Gross Profit 1,246,071,044 1,033,661,021 (212,410,023) -17%
Selling, general, and administrative expenses (219,856,788) (241,369,713) 21,512,924 10%
Other operating income (expenses)-net 19,895,071 (64,437,877) (84,332,949) -424%
Profit before Income Tax Expense from Continuing Operations 1,046,109,327 727,853,432 (318,255,895) -30%
Income Tax Expense (507,971,978) (339,666,380) (168,305,598) -33%
Profit for the Year from Continuing Operations 538,137,349 388,187,052 (149,950,297) -28%
Discontinued Operations Profit for the year 13,272,989 (42,418,449) (55,691,437) -420%
Profit attributable to
• Equity Holders of the Parent Company 530,882,675 330,675,261 (200,207,413) -38%
• non-controlling interests 20,527,663 15,093,342 (5,434,321) -26%
Basic Earnings per share attributable to Equity Holders of the Parent 0.02123 0.01321 (0.00802) -38%
Company
Basic Earnings per share attributable from Continuing Operations to 0.02070 0.01490 (0.00580) -28%
Equity Holders of the Parent Company
Return on Equity 34% 18% (16%) -47%
CAPITAL SPENDING In 2023, we were pleased to make final investment decisions
Oil & Gas capital in 2023 continued to be focused on for the 34 MW Ijen Geothermal plant, the 25 MWp East
developing discoveries at South Natuna Sea Block B Bali solar PV installation and the add-on combined cycle
and Corridor. Total capital spending in Oil & Gas was 39 MW project at Energi Listrik Batam which will use waste
US$261 million, in line with guidance of US$250 million. Capital heat to increase generating capacity. These three projects
spending in Medco Power was slightly below guidance of demonstrate our firm commitment to the energy transition
US$80 million, mainly due to the divestment of the Sumbawa and our sustainability. Construction is ahead of schedule on
Regas project. all three projects.
Balance Sheet (US$)
Increase/
Description 2022 2023 %
(Decrease)
Current Assets 1,751,396,299 1,546,648,779 (204,747,520) -12%
Non-Current Assets 5,180,509,527 5,921,667,490 741,157,963 14%
Total Assets 6,931,905,826 7,468,316,269 536,410,443 8%
Current Liabilities 1,379,314,476 1,422,070,168 42,755,692 3%
Non-Current Liabilities 3,805,072,025 4,018,650,109 213,578,085 6%
Total Liabilities 5,184,386,501 5,440,720,277 256,333,776 5%
Total Equity 1,747,519,325 2,027,595,992 280,076,667 16%
Total Liabilities and Equity 6,931,905,826 7,468,316,269 536,410,443 8%
22 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 25
EXPANDING OUR HORIZONS
LIQUIDITY AND DIVIDENDS share. Despite the lower prices in 2023, the Company
MedcoEnergi’s liquidity position remains solid with was able to increase its interim cash dividend. In 2023
more than adequate resources and facilities to meet MedcoEnergi paid a US$40 million final dividend for
both current and near-term liabilities. The total final 2022 and a US$25 million interim dividend for 2023. The
dividend for 2022 was US$65 million, approximately final 2023 dividend will be recommended at the AGMS
IDR 38 per share, higher than guidance of Rp15-20 per in May 2024.
Capital Structure (US$)
Description 2022 % 2023 %
Interest-bearing Liabilities 3,151,163,034 45% 3,295,416,441 44%
Other Liabilities 2,033,223,467 29% 2,145,303,837 29%
Liabilities 5,184,386,501 75% 5,440,720,277 73%
Equity 1,747,519,325 25% 2,027,595,992 27%
Total Liabilities & Equity 6,931,905,826 100% 7,468,316,269 100%
Capital Expenditure (US$)
Increase/
Description 2022 2023 %
(Decrease)
Oil & Gas 269,377,267 261,161,345 (8,215,921) -3%
Power 49,076,670 133,678,870 84,602,199 172%
Total 318,453,937 394,840,215 76,386,278 24%
Capital Expenditure with Power Net portion (US$)
Increase/
Description 2022 2023 %
(Decrease)
Oil & Gas 269,377,267 261,161,345 (8,215,921) -3%
Power 32,696,900 72,191,642 39,494,742 121%
Total 302,074,167 333,352,987 31,278,821 10%
Cash Flow
Consolidated Statement of Cash Flow (US$)
Increase/
Description 2022 2023 %
(Decrease)
Net cash provided by operating activities 1,116,411,362 723,225,943 (393,185,419) -35%
Net cash provided by (used in) investing activities (1,062,938,459) (629,251,025) (433,687,434) -41%
Net cash provided by (used in) financing activities 64,430,142 (346,626,214) (411,056,356) -638%
Net Increase in Cash and Cash Equivalents from Continuing 117,903,045 (252,651,296) (370,554,341) -314%
Operations
Net Increase (Decrease) in Cash and Cash Equivalents from (2,972,571) 9,795,953 12,768,525 430%
Discontinued Operations
Net Foreign Exchange Difference 4,083,292 (3,194,298) (7,277,590) -178%
Cash and Cash Equivalents at Beginning of Year 480,984,828 599,998,594 119,013,766 25%
Cash and Cash Equivalents at End of Year 599,998,594 353,948,953 (246,049,641) -41%
2023 Annual Report PT Medco Energi Internasional Tbk 23
Page 26
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Financial
Review
BUSINESS PROSPECTS AND • An MoU for the South Sumatera & Rimau Block between
CHALLENGES PT Medco E&P Indonesia – PT Medco E&P Rimau and
In 2023 we maintained our focus on ESG and sustainability, PT Perusahaan Gas Negara Tbk, signed on November 13,
improving our Sustainalytics score and maintaining our 2023.
MSCI and CDP ratings. This is the right thing to do for • An MA for Gas Sales and Purchase between Medco
society and the environment. It is also for good business by Energi Madura Offshore Pty. Ltd. and PT Sarana Cepu
facilitating access to competitive capital markets and debt. Energi, signed on November 6, 2023.
Stakeholders recognize that we meet our sustainability and • A GSA between Medco E&P Grissik Ltd. and PT
ESG commitments, which we set in line with global standards Perusahaan Gas Negara Tbk, signed on December 19,
and best practices. Our relationships within the finance 2023.
providers remain positive and productive.
Amendments and other agreements:
The outlook for 2024 is positive with an improving macro • Side Letter Agreement (SLA) between PT Medco
environment in commodity prices and the prospect of lower E&P Indonesia and PT Pupuk Sriwidjaja Palembang for
interest rates. We are on track to fully repay the Corridor Alternative Gas Delivery under GSA, signed on August 1,
acquisition debt by mid-2024. MedcoEnergi’s strategy 2023.
remains to deleverage quickly and absent the December • SLA between PT Medco E&P Indonesia – PT Medco
draw of the Oman acquisition debt we delivered on the E&P Lematang and PT Pupuk Sriwidjaja Palembang for
commitment to reduce debt down to 2018 levels, the same Alternative Gas Delivery under GSA, signed on August 1,
debt as prior to the Ophir acquisition in 2019. The Company 2023.
has achieved significant growth in scale profitability and • SLA between PT Medco E&P Indonesia – PT Medco E&P
liquidity since 2018. We have delivered sharp increases in Lematang and PT PLN (Persero) for Alternative Gas
shareholder returns through successful acquisitions, targeted Delivery under GSA, signed on August 1, 2023.
exploration, good operatorship, and good governance. We • MA amending the GSA between PT Medco E&P
will continue to do so. Indonesia and PT Mitra Energi Buana, signed on August
21, 2023.
NEW SALES CONTRACTS • MA amending the GSA between Medco Energi Madura
Offshore Pty. Ltd. and PT Perusahaan Gas Negara Tbk.
Natural Gas signed on August 31, 2023.
The Company signed or amended numerous Gas Sales • MA amending the GSA between Medco Energi Madura
Agreements (GSAs) in 2023. Offshore Pty. Ltd. and PT Perusahaan Gas Negara Tbk.
signed on August 30, 2023.
New Agreements: • Amendment to the Sampang Gas Sales Agreement for
• A Memorandum of Understanding (MoU) for the Tarakan the Grati Combined Cycle Power Plant between PT PLN
PSC between PT Medco E&P Tarakan and PT Maxpower Indonesia Power and Medco Energi Sampang Pty. Ltd.,
Indonesia, signed on January 16, 2023. Singapore Petroleum Sampang Ltd, Cue Sampang Pty
• A Gas Sales Agreement (GSA) between Medco E&P Ltd, signed on November 1, 2023.
Natuna Ltd. and Sembcorp Gas Pte. Ltd. for the Sale and • Amendment to the Letter of Agreement (LoA) for the
Purchase of Gas from South Natuna Sea Block B, signed Implementation of gas price adjustment between PT
on June 5, 2023. Medco E&P Malaka and PT Pertagas Niaga, signed on
• A Mutual Agreement (MA) for Gas Delivery between PT December 19, 2023.
Medco E&P Malaka and PT Pertagas Niaga, signed on • Heads of Agreement (HoA) for a gas swap between
September 11, 2023. Medco E&P Grissik Ltd., PetroChina International Jabung
• A GSA between PT Medco E&P Indonesia – PT Medco Ltd., PT Pertamina (Persero), PT Pertamina Hulu Rokan
E&P Lematang and PT Pupuk Sriwidjaja Palembang, and PT Transportasi Gas Indonesia, signed on July 25,
signed on September 20, 2023. 2023.
• A GSA between PT Medco E&P Tomori Sulawesi, PT • MA to the GSA between Medco E&P Grissik Ltd. and PT
Pertamina Hulu Energi Tomori Sulawesi, Tomori E&P Perusahaan Gas Negara Tbk, signed on September 30, 2023.
Limited and PT Perusahaan Gas Negara Tbk for the • LA to implement a gas price adjustment signed on
supply of gas from the Senoro Field, signed on September November 4, 2023 to the MA between Medco E&P
22, 2023. Grissik Ltd. and PT Perusahaan Gas Negara Tbk dated
30 September 2023.
24 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 27
EXPANDING OUR HORIZONS
• Amendment signed on December 19, 2023, to the GSA • Forel COSPA between Medco Energi Global Pte. Ltd. and
between Medco E&P Grissik Ltd. and PT Energasindo Glencore Singapore Pte. Ltd., signed on January 7, 2023.
Heksa Karya dated 30 October 2007. • Senoro COSPA between Medco Energi Global Pte. Ltd.
• Amendment and Novation signed on December 19, 2023, and Glencore Singapore Pte. Ltd., signed on January 7,
to the GSA between Medco E&P Grissik Ltd. and PT 2023.
Perusahaan Listrik Negara (Persero) dated 4 May 2015. • Grissik Mix Condensate Sales and Purchase Agreement
• Amendment signed on December 20, 2023, to the GSA (CSPA) between Medco E&P Grissik and BCP Trading
between Medco E&P Grissik Ltd. and PT Pupuk Sriwidjaja Pte. Ltd., signed on January 17, 2023.
Palembang dated 25 May 2016. • Arun CSPA between Medco Energi Global Pte. Ltd. and
• Amendment dated December 19, 2023, to the GSA Saras Trading SA, signed on January 6, 2023.
between Medco E&P Grissik Ltd. and PT Perusahaan Gas • Mamburungan COSPA between PT Medco E&P Tarakan
Negara Tbk dated 14 October 2021. and PT. Kilang Pertamina Internasional, signed on August
• Amendment signed on December 19, 2023, to the GSA 28, 2023.
between Medco E&P Grissik Ltd. and PT Perusahaan Gas • Bualuang COSPA between Medco Energi Thailand
Negara Tbk dated 17 May 2017. (Bualuang) Ltd. and Medco Energi Thailand (E&P) Ltd.
• Amendment signed on December 19, 2023, to the GSA with Glencore Singapore Pte. Ltd., signed on October 23,
between Medco E&P Grissik Ltd. and PT Perusahaan Gas 2023.
Negara Tbk dated 3 November 2017.
• Gas Swap Agreement between Medco E&P Grissik Ltd., Amendments and other agreements:
PT Pertamina EP and PT Perusahaan Gas Negara Tbk • Amendment to the Arun CSPA between Medco Energi
signed on December 20, 2023. Global Pte. Ltd. and Saras Trading SA, signed on May 9,
2023.
Crude Oil, Condensate and Sulphur • Amendment Term Sheet for CSPA between Medco
The Company signed or amended numerous crude oil and Energi Sampang Pty. Ltd. and PT Multi Color Indonesia,
condensate contracts in 2023. signed on June 26, 2023.
• Amendment to CSPA between Medco Energi Bangkanai
New Agreements: Ltd. and PT Kimia Yasa, signed on September 27, 2023.
• Belanak Crude Oil Sales and Purchase Agreement • Amendment to Sulphur Sales and Purchase Agreement
(COSPA) between Medco Energi Global Pte. Ltd. and between PT Medco E&P Malaka and PT Pembangunan
Glencore Singapore Pte. Ltd., signed on January 7, 2023. Aceh, signed on November 14, 2023.
• Belida COSPA between Medco Energi Global Pte. Ltd.
and Glencore Singapore Pte. Ltd., signed on January 7,
2023.
2023 Annual Report PT Medco Energi Internasional Tbk 25
Page 28
Business
Activities
28 Oil & Gas
38 Expanding Our Reach in Oman
40 Power
44 Copper and Gold Mining
48 Other Businesses
Onshore Processing Facility Grati, East Java
Page 29
03
Page 30
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Oil & Gas
In 2023 we
excelled in
safety and
expanded our
horizons with
the acquisition
of Oman Blocks
60 & 48.
Ronald Gunawan
Director & Chief
Operating Officer
28 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 31
EXPANDING OUR HORIZONS
MedcoEnergi prioritizes safety, and I am pleased to report South Sumatra PSC amendment was approved to facilitate
another year of excellence in 2023. Our Total Recordable further development in the block. At the Bangkanai PSC
Incident Rate (TRIR) is reduced to 0.15 from 0.21 in 2022, we performed successful acid fracturing at two wells which
well below the international industry average. We remain significantly increased gas deliverability. We also secured
committed to upholding the highest standards and best adjustments to the Tarakan PSC Firm Working Commitment,
practices across the company. Operations across all our obtained approval for the Flamboyan-Rengas development
assets - international, Indonesian and non-operated - were plan, and continued waterflood optimization activities at Kaji
conducted safely with no lost-time incidents (LTI). At Karim Semoga, South Sumatra.
Small Fields, Oman, we achieved a significant milestone,
reaching 8 million hours without an LTI. Our two joint operated assets produced 21.1 mboepd in
2023. In JOB Tomori, we continued to prepare for the
Production and Reserves development of the South Senoro gas field, while in
We achieved our production target in 2023, reaching JOB Simenggaris we increased gas production and
160 mboepd. Our 2P reserves life index also increased from conducted first condensate lifting.
8.4 to 10.6 years. This growth is the result of the acquisition of
assets in Oman, reserves increase in South Natuna Sea Block Offshore Assets
B and the Corridor Block. South Natuna Sea Block B was the focus of significant
capital spending in 2023; we progressed development of
INDONESIA Bronang, West Belut, Forel and Terubuk fields. The Bronang
MedcoEnergi has a total of 15 oil & gas assets in Indonesia, wellhead platform which is fully operated using renewable
with 12 currently producing. In 2023 these Indonesian assets energy from solar, was brought onstream in September 2023
contributed above target production of 143 mboepd. to provide additional 50 bbtud gas deliverabilty for gas sales
to Singapore. The West Belut platform and Forel FPSO are
Corridor Block in project execution phase and production will begin in 2024.
Our largest asset is the Corridor Block located in onshore
South Sumatra, which produced 74.4 mboepd. In 2023, with We further strengthened our position in Block B by
support from the Government of Indonesia, we renewed securing new GSA with SembGas in June 2023, followed
Corridor’s long-term gas contract to supply major domestic by a successful Block B PSC amendment in October which
gas buyers including PGN, PLN, PUSRI and EHK. In December provides incentive for Forel oil development to protect
2023, Corridor entered PSC extension period of 20 years with project economics at low oil price. Additionally, we also
favorable extended terms under the Cost Recovery scheme. received approval for incentives for Paus Biru development
We are currently executing several gas development programs in Sampang Block in June. Total production from domestic
in the Corridor fields to maximize production. offshore assets in 2023 was 20.1 mboepd.
Other Onshore Assets Exploration Activities
Our six operated onshore assets produced 27.8 mboepd In September 2023, we were awarded the Beluga PSC with
in 2023. There, we smoothly transitioned the Rimau PSC an area covering 8,472 km2. This offshore block is adjacent to
to a gross-split contract with a 20-year extension. The Block B and provides an opportunity for organic exploration
growth in the Western Natuna area.
Oyong Platform, Sampang PSC, East Java
2023 Annual Report PT Medco Energi Internasional Tbk 29
Page 32
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Oil & Gas
Furthermore, we secured two-year exploration period In 2023, overall production from MedcoEnergi’s international
extensions for both the West Bangkanai PSC and the North assets was 16.3 mboepd. Production increased to
Sokang PSC. The West Bangkanai extension aligned with the 28.9 mboepd since mid-December 2023, as a result of the
potential Kerendan Full Field Development, while the North Oman 60 acquisition.
Sokang extension will allow time to identify commercial
development options. Pre-Development and Exploration
In our pre-development assets, in Blocks 1 and 4 Tanzania,
INTERNATIONAL negotiations with the Government of Tanzania to create
During 2023, we made significant changes to our portfolio a pathway for an investable and competitive LNG project
of international assets. In December 2023 we acquired 20% continue. Draft agreements were negotiated in 2023 and are
interests in Blocks 60 and 48 in Oman, both with favorable now waiting for government endorsement. In Libya Area 47,
PSC terms. Block 60 is a long-life asset with the producing the arbitration case brought against Libya NOC is in progress.
fields of Bisat (oil) and Abu Butabul (gas and condensate).
Block 48 is an exploration block with good oil & gas potential In exploration, we were granted a one-year extension for Block
located west of Block 60. 56, Oman, in addition to adding Block 48, Oman to our portfolio.
Conversely, we are in the process of relinquishing the licenses
Elsewhere, we divested our interest in the onshore Thailand for blocks 10 and 12 in Mexico due to lack of prospectivity.
Sinphuhorm gas field in February 2023. The sale of Vietnam’s
offshore Block 12W, encompassing the Chim Sao and Dua ESG PROGRESS IN 2023
oil fields, was agreed upon in December 2022 and the We continue to make progress on our ESG commitments.
transaction was completed in April 2024. In 2023, we have implemented 41 GHG emission reduction
initiatives through process optimization, fuel gas reduction,
International Production reducing fugitive emissions, and improving energy efficiency
We have five international producing assets, two operated with lighting replacement and solar PV installation, such as
and three non-operated. Our two operated producing in Matak (150 kWp) and Bronang Platform (11.5 kWp). These
assets, Karim Small Fields in Oman and Bualuang in initiatives resulted in a reduction of 147,963 tCO2e/year,
Thailand, implemented active drilling and workover well with a one-time reduction of 94,860 tCO2e from well clean-
programs during the year. At Karim Small Fields production up & testing flare reduction. We are currently progressing
increased from 2022 and exceeded its target, underpinned CCS studies at the Natuna, Corridor and South Sumatera
by an active infill drilling program and implementation of PSCs. We also planted 143,883 trees across our sites, and
steamflood enhanced oil recovery projects. Higher oil market committed to their maintenance.
prices supported an active drilling and workover program in
Bualuang. At the JOB Tomori, GHG emissions were also reduced, and
the asset implemented a turtle ecotourism program with the
Infill drilling programs were also conducted in our non- community, continued the coral transplantation program, and
operated producing assets. This resulted in increased conservation of mangroves and maleo birds, and supported a
production from Vietnam Block 12W. In Yemen, continued water distribution network for the community.
political conflict in the country prevented production
operations due to blockages of oil export terminals and Sustainability initiatives were also implemented in other
resulted in a suspension of the full drilling program. company’s assets. A comprehensive overview of our ESG
progress for the year is provided in Chapter 5.
Blok 60, Oman
30 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 33
EXPANDING OUR HORIZONS
Bualuang Platform, Thailand
Net Oil & Gas Production (mboepd) 2019 2020 2021 2022 2023
Indonesian Assets
Corridor – – – 70.2 74.4
Senoro-Toili 20.0 21.3 19.1 21.7 20.8
South Natuna Sea Block B 21.7 19.0 18.3 17.3 14.7
South Sumatra 15.8 8.8 8.9 9.3 9.4
Block A 8.6 5.5 7.1 8.4 6.8
Madura Offshore 3.1 5.7 5.6 4.3 3.3
Rimau 7.8 4.8 4.3 4.2 4.1
Bangkanai 1.6 2.8 2.9 2.8 2.4
Sampang 1.8 3.0 2.9 2.5 2.1
Lematang 3.2 2.8 2.7 2.1 4.1
Tarakan 2.1 1.3 1.4 1.3 1.0
Simenggaris 0.0 0.0 0.0 0.0 0.3
International Assets
Bualuang 3.7 9.9 7.2 5.6 4.8
Block 12W*** 3.8 5.3 3.6 2.6 2.9
Sinphuhorm* 0.7 1.5 1.5 1.6 0.2
Block 9 Yemen 0.5 1.3 1.4 1.1 0.1
Tunisia 1.1 – – – –
Oman Block 60** – – – – 0.7
Oman Karim Small Fields 7.2 7.4 7.2 7.4 7.6
Total Oil & Gas Production 102.8 100.4 94.1 162.5 159.7
* Divested February 2023
** Acquired December 2023
** *Divested April 2024
2023 Annual Report PT Medco Energi Internasional Tbk 31
Page 34
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Oil & Gas
Net Oil Production (mbopd) 2019 2020 2021 2022 2023
Indonesian Assets
South Natuna Sea Block B 6.5 6.1 5.5 4.1 4.2
Rimau 7.2 4.3 3.9 3.8 3.7
Corridor – – – 2.9 3.0
Senoro-Toili 2.3 2.3 2.1 2.3 2.2
South Sumatra 4.9 2.8 2.2 2.0 1.7
Block A 1.5 0.7 0.9 1.1 0.9
Tarakan 1.9 1.2 1.0 0.9 0.7
Bangkanai 0.2 0.3 0.3 0.3 0.3
Simenggaris 0.0 0.0 0.0 0.0 0.0
Sampang - 0.1 0.1 0.1 0.0
International Assets
Bualuang 3.7 9.9 7.2 5.6 4.8
Block 12W*** 3.0 4.2 2.8 2.0 2.2
Block 9 Yemen 0.4 1.0 1.2 0.9 0.0
Sinphuhorm* 0.0 0.0 0.0 0.0 0.0
Tunisia 0.7 – – – –
Oman Block 60** – – – – 0.6
Oman Karim Small Fields 7.2 7.4 7.2 7.4 7.6
Total Oil Production 39.3 40.4 34.4 33.5 32.1
Net Gas Production (mmscfd) 2019 2020 2021 2022 2023
Indonesian Assets
Corridor – – – 374.3 397.4
Senoro-Toili 91.7 97.8 87.9 99.7 95.7
South Natuna Sea Block B 81.6 69.2 67.7 70.1 55.3
Block A 39.7 26.5 34.5 40.9 32.7
South Sumatra 56.8 31.1 34.4 37.9 39.6
Madura Offshore 17.8 32.3 31.7 24.3 19.0
Bangkanai 7.5 13.2 13.9 13.6 11.3
Sampang 9.2 15.9 15.2 13.2 10.9
Lematang 21.1 16.7 15.6 12.0 24.0
Rimau 3.5 2.8 2.3 2.4 2.5
Tarakan 1.6 0.8 2.3 2.1 1.8
Simenggaris 0.0 0.1 0.0 0.0 1.7
International Assets
Sinphuhorm* 4.2 9.0 8.6 9.2 1.3
Block 12W*** 4.1 5.7 3.8 2.9 3.5
Block 9 Yemen 0.6 1.2 1.5 1.2 0.4
Bualuang 0.0 0.1 0.0 0.0 0.0
Tunisia 2.4 – – – –
Oman Block 60** – – – – 0.2
Total Gas Production 341.9 322.3 319.7 704.1 697.4
* Divested February 2023
** Acquired December 2023
** *Divested April 2024
32 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
INDONESIAN OIL & GAS ASSETS Energi Sulawesi (50%), PT Medco E&P Tomori Sulawesi
(30%) and Tomori E&P Limited (20%). The Senoro-Toili
Block is one of the largest gas producers in Indonesia, with
South Natuna Sea Block B, Riau Islands
average production of 319 mmscfd (95.7 mmscfd net) from
the Senoro field in 2023. This is delivered mainly to the
MedcoEnergi is the operator of and holds a 40% interest Donggi Senoro LNG facility and an ammonia plant operated
in the South Natuna Sea Block B PSC. Block B consists of by Panca Amara Utama.
15 offshore platforms, 3 producing subsea fields, 1 floating
storage and offloading unit (FSO) and one of the most At the end of 2023, Senoro-Toili had achieved more than
sophisticated floating production, storage and offloading 43 million safe working hours stretching back to 2014 and
(FPSO) units in the world, Belanak. also obtained a Gold PROPER award in 2023 from the
Ministry of Environment and Forestry. During 2023, the
The Company signed a new GSA, GSA-3, with SembCorp operator continued to prepare for the development of the
Gas in June 2023. To fulfil this agreement commencing in South Senoro gas field with drilling campaign expected to
Q3-2024, development of the West Belut, Terubuk, and start in mid-2024.
Siput fields is underway.
South Sumatra Region, South Sumatra
In 2023 the gross average production from South
Natuna Sea is 36.7 mboepd (Oil 10.6 mbopd and Gas
138.2 mmscfd) or 14.7 mboepd (Oil 4.2 mbopd and Gas 55.3 The Company holds a 65% interest in the South Sumatra PSC,
mmscfd) net. MedcoEnergi successfully brought the new a 60% interest in the Rimau PSC and 100% of the Lematang
Bronang platform online in September 2023 with a gross PSC. In 2023, South Sumatra PSC produced 14.4 mboepd
production capacity of 50 mmscfd. The third amendment (9.4 mboepd net) and Lematang PSC produced
of the Block B PSC was secured in October 2023 to include 4.1 mboepd. The achievement primarily stemmed from
incentives for the development of the Forel oil field. In the increased gas availability following the successful Lematang
Natuna Sea, the Company is also the 100% owner of the acid fracturing in 2022 and enhanced facility reliability,
North Sokang PSC and the Beluga PSC exploration block. enabling both to capitalize on opportunities in the gas
market. The additional gas supplied to Pupuk Sriwidjaja
Palembang (PUSRI) was covered through a new GSA.
Senoro-Toili, Central Sulawesi
South Sumatra PSC also successfully secured its future
The block is operated by Joint Operating Body Pertamina development by obtaining approval from SKK Migas of the
Medco E&P Tomori Sulawesi (JOB Tomori). Three POD for Flamboyan and Rengas fields in October 2023.
companies hold participating interests: PT Pertamina Hulu This is also line with the PSC amendment with improved
Senoro - Toili Block
2023 Annual Report PT Medco Energi Internasional Tbk 33
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Oil & Gas
terms to facilitate further development. In Rimau PSC, ussion of PSC extension.
Block A, Aceh
we collaborated effectively with SKK Migas to smoothly
transition to a gross split contract in April 2023. Additionally,
the Rimau PSC upsized several electric submersible pumps The Company is the operator of and holds an 85% interest
to maintain base production and aimed to further enhance in the Block A PSC, Aceh. In 2023, Block A PSC average
production through waterflood optimization at Kaji Semoga production is 8 mboepd (6.8 mboepd net). To maintain
fields. Rimau PSC achieved 2023 average production of production and facility reliability, Block A PSC performed
6.3 mboepd (4.1 mboepd net). safely a major turnaround in September 2023 in parallel with
a well static bottomhole pressure survey (SBHP) to acquire
data for potential further well optimization. The Company has
Corridor, South Sumatra
begun a study for Block A Phase 2 development to increase
gas delivery to maximum gas processing capacity.
MedcoEnergi is the operator of and holds a 46% interest
in the Corridor PSC, which runs until December 2043. It
North Kalimantan Region
obtained approval for a favorable PSC extension under Cost
Recovery scheme in December 2023. The Corridor PSC
has a producing oil field and seven producing gas fields, all The Company owns and operates a 100% interest in the
located onshore in South Sumatra, Indonesia, adjacent to Tarakan PSC and a 62.5% interest in Joint Operating Body
MedcoEnergi’s existing South Sumatra operations. Pertamina Medco E&P Simenggaris (JOB Simenggaris). In
2023, Tarakan PSC produced average 1 mboepd through
Corridor is the second largest gas producer in Indonesia, execution of several well works and optimization activities. To
with the gas sold under long-term contracts to high quality maximize the monetization of the Simenggaris gas reserves,
buyers in Indonesia and Singapore. In 2023 Corridor’s gross JOB Simenggaris signed a GSA in 2020 with PT Kayan LNG
average production is 138.3 mboepd (gas 739 mmscfd and Nusantara to supply gas to an LNG plant.
oil/condensate 5.5 mbopd) or 74.4 mboepd (gas 397.4
mmscfd and oil/condensate 3 mbopd) net. In 2023, Kayan LNG completed the construction of the
LNG plant and safely obtained first drop in August, with
Corridor is currently focusing on production optimization export successfully commenced in November. With the
to protect base production, and further field development. start-up of gas production for Kayan LNG, JOB Simenggaris
Through Transasia Pipeline Company, MedcoEnergi also produced more gas and successfully conducted the first
has a minority interest in the gas pipeline network supplying condensate lifting in October. The gross production in 2023
customers in Central Sumatra, Batam and Singapore. was 500 boepd (2.8 mmscfd and 18.4 bcpd) or 313 boepd
Corridor also has access to reservoirs suitable for carbon (1.7 mmscfd and 11.5 bcpd) net.
capture and storage.
Bangkanai and West Bangkanai, Central
Madura Offshore, Sampang, East Java Kalimantan
The Company is the operator of and holds a 67.5% interest The Company owns and operates a 70% interest in the
in the Madura Offshore PSC (which owns 77.5% of the Bangkanai PSC and a 70% interest in the West Bangkanai
PSC’s Meliwis field) and 45% of the Sampang PSC. Both PSC. Average 2023 production of Bangkanai PSC is
the Madura Offshore and Sampang PSCs are located in 3.4 mboepd (2.4 mboepd net). In May 2023, Bangkanai
the East Java Basin in the Madura Strait. Madura Offshore successfully executed acid fracturing at K7 and K8 wells,
consists of three producing gas fields: Maleo, Peluang and doubling well gas deliverability at K8. Bangkanai PSC
and Meliwis with total production in 2023 26.2 mmscfd successfully managed its condensate lifting and met the
(18.9 mmscfd net), while Sampang PSC consists of two: daily contract quantity from Q2-2023 through improved
Wortel and Oyong with total gross production in 2023 is road and condensate trucking operation. The Company
4.6 mboepd (Condensate 74 bcpd and Gas has begun a study for Bangkanai Phase 2 development to
24.3 mmscfd) or 2.1 mboepd (Condensate 33 bcpd and Gas increase delivery up to 100 mmscfd. West Bangkanai remains
11 mmscfd) net. Following the approval of the incentive for an exploration block with no development at present.
the Paus Biru gas development in the Sampang PSC, the
Company is seeking a PSC extension.
34 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Type of Area
Assets Expiry Participating Interests Status
Contract (Km2)
South Natuna Sea, PSC 11,155 2028 • Medco E&P Natuna Ltd. 40% (operator) Production
Block B, • PT Medco Daya Natuna 35%
Riau Islands • Prime Natuna Inc. 25%
Corridor, South Sumatra PSC 2,095 2043 • Medco E&P Grissik Ltd. 46% (operator) Production
• Repsol Corridor S.A. 24%
• PT Pertamina Hulu Energi Corridor 30%
Senoro-Toili, Central PSC JOB 451 2047 • PT Medco E & P Tomori Sulawesi 30% Production
Sulawesi • PT Pertamina Hulu Energi Tomori Sulawesi 50%
• Tomori E&P Limited 20%
Block A, Aceh PSC 1,681 2031 • PT Medco E & P Malaka 85% (operator) Production
• PT Medco Daya Energi Nusantara 15%
South Sumatra, South PSC 4,470 2033 • PT Medco E & P Indonesia 65% (operator) Production
Sumatra • PT Medco Daya Makmur 35%
Rimau, South Sumatra PSC (gross split 1,103 2043 • PT Medco E & P Rimau 60% Production
post 2023) • PT Bahtera Daya Makmur 35%
• PT Sumsel Energi Gemilang 5%
Lematang, South PSC 409 2027 • PT Medco E & P Lematang 51% Production
Sumatra • Medco Lematang BV 26%
• Lematang E&P Limited 23%
Peluang • Medco Energi Madura Offshore Pty Ltd 67.5% (operator)
and • Petronas 22.5%
Maleo • Petrogas Pantai Madura 10%
Madura fields
Offshore, PSC 849 2027 Production
East Java
Meliwis • Medco Energi Madura Offshore Pty Ltd 77.5% (operator)
field • Petronas 22.5%
Sampang, East Java PSC 534 2027 • Medco Energi Sampang Pty Ltd 45% (operator) Production
• Singapore Petroleum Company 40%
• Cue Sampang Energy Pty Ltd 15%
Tarakan, Kalimantan PSC (gross split) 180 2042 • PT Medco E & P Tarakan 100% Production
Bangkanai, Kalimantan PSC 1,385 2033 • Medco Energi Bangkanai Limited 70% (operator) Production
• PT Saka Bangkanai Klemantan 30%
Simenggaris, Kalimantan PSC JOB 547 2028 • PT Medco E & P Simenggaris 62.5% Production
• PT Pertamina Hulu Energi Simenggaris 37.5%
West Bangkanai, PSC 5,463 2043 • Medco Energi West Bangkanai Limited 70% (operator) Exploration
Kalimantan • PT Saka Energi Bangkanai Barat 30%
North Sokang, PSC 1,124 2040 PT Medco Energi Natuna Timur 100% Exploration
Riau Islands
Beluga, Riau Islands PSC 8,472 2053 PT Medco Energi Beluga 100% Exploration
INTERNATIONAL OIL & GAS ASSETS
Bualuang, Thailand Sinphuhorm, Thailand
The Company operates and holds a 100% interest in the The Company held a 9.5% interest in the Sinphuhorm gas
Bualuang field, which is located in the B8/38 offshore block field through its 27.2% ownership of APICO. PTT Exploration
in the Gulf of Thailand. The field consists of three platforms and Production Public Company Ltd. (PTTEP) operates
producing to a leased FSO unit. In 2023, oil production the field, which is located on the Khorat Plateau, onshore
averaged 4.8 mbopd, supported by an active workover northeast Thailand. On February 22, 2023 the Company
program using both a jack-up rig and a hydraulic workover completed the divestment of the asset to Jadestone Energy.
unit. Infill drilling at four wells commenced in November 2023.
2023 Annual Report PT Medco Energi Internasional Tbk 35
Page 38
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Oil & Gas
Block 12W, Vietnam Block 60, Oman
The Company holds a 31.875% non-operated interest in In December 2023, the Company acquires a 20% interest in
Block 12W in the Nam Con Son Basin, offshore Vietnam. The Block 60. The block is located in the western part of Oman
block consists of two producing fields, the Chim Sao field near to the border with Saudi Arabia. The EPSA term is for
with a 20-slot wellhead platform, and the Dua field, which 30 years until 2048 with an extension option of an additional
has three subsea wells. Both fields produce oil through a 10 years. Block 60 is a producing asset and includes the
leased FPSO unit and the gas is sold through the Nam Con producing fields Bisat (Oil) and Abu Butabul (Gas and
Son pipeline system. A three-well infill drilling campaign Condensate). In 2023, the average production was 63
commenced in Q3-2022 with the wells coming onstream in mboepd (12.6 mboepd net). Bisat development program is
2023. Production increased to over 10 mbopd and averaged ongoing with drilling activities using four rigs with an average
9.1 mboepd (2.9 mboepd net) for the year. In December of 60 wells drilled per year and a facility upgrade to increase
2022 the Company signed a sale and purchase agreement water handling capacity to 900 kbwpd. The Abu Butabul
to sell its entire interest in Block 12W. The transaction was development plan consists of a re-fracturing program of
completed in April 2024. existing wells and drilling of infill development wells. Further
activity will open near field opportunities and exploration
potential within the block.
Block 9 Malik, Yemen
Block 48, Oman
The Company holds a 21.25% non-operated interest in
Block 9, which contains four producing oil fields. In 2023 all
fields were shut down due to the political situation, which As part of the Block 60 transaction, the Company also
prevented exports. acquired a 20% interest in exploration Block 48. Located
adjacent and to the west of Block 60, the Block 48 EPSA was
signed in March 2017. Currently the EPSA is in the second
Karim Small Fields, Oman
phase of the exploration period which was extended to the
end of 2025 with a commitment to acquire new 3D seismic
The Company holds an effective 58.5% operating interest survey. A contingent well is planned for this period dependent
in the Karim Small Fields Service Contract. MedcoEnergi is on results of the 3D seismic.
conducting an active program of infill drilling, workover and
thermal enhanced oil recovery to maintain production from 20
Blocks 10 & 12, Mexico
fields. In 2023, the Company drilled 31 wells (30 development
wells and 1 exploration well), conducted waterflooding in
several fields to improve recovery, completed 10 hydraulic The Company holds 20% non-operated interests in each of
fracturing jobs and continued to progress steamflood pilot the deepwater exploration blocks 10 and 12 located in the
projects. Oil production averaged 13 mbopd (7.6 mbopd net) Mexican Ridges and Sureste basins. The relinquishment
in 2023. In September 2023 Petroleum Development Oman process is ongoing for both and is expected to be completed
(PDO) granted an additional area of 126.1 km2 adjacent to in 2024.
the southern edge of existing area. The area contains four
discovered fields.
Area 47, Libya
Block 56, Oman
The Company holds a 50% operating interest in the
exploration site Area 47 and a 25% interest in the joint
The Company holds a 5% interest in onshore Block 56. An operating company Nafusah Oil Operations (NOO), which
extended well test on the Al Jumd discovery was conducted operates the development of the commercialized discoveries
in 2023. The exploration period was successfully extended in Area 47. The Company is in dispute with the Libya National
by one year to the end of 2024 following the commitment Oil Corporation and initiated arbitration proceedings early in
of an additional exploration well. This well was drilled by the 2022. These proceedings are ongoing.
operator in December 2023.
36 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 39
EXPANDING OUR HORIZONS
Block 1 and 4, Tanzania contingent resources of 15 TCF (gross). Negotiations with
the Government of Tanzania have been ongoing since 2022
The Company holds 20% non-operated interests in to create a pathway for an investable and competitive LNG
each of blocks 1 and 4, offshore of Tanzania. The blocks project. Draft agreements were negotiated in 2023 and are
contain ten deepwater gas discoveries with certified (2C) now awaiting government endorsement.
Type of Area
Assets Expiry Participating Interests Status
Contract (Km2)
Bualuang B8/38 Royalty and 377 2025 • Medco Energi Thailand (Bualuang) Limited 60% Production
Block, Thailand tax • Medco Energi Thailand (E&P) Limited 40%
Sinphuhorm, EU1 and Royalty and 230 2031 • PTTEP (operator) 55% Production
E5N, Thailand* tax • APICO LLC 35%
• ExxonMobil 10%
MedcoEnergi owns 27.2% of the issued shares of APICO LLC
and a 9.5% indirect participating interest in Sinphuhorm.
Block 12W, PSC 1,395 2030 • Premier Oil Vietnam Offshore B.V. (operator) 28.125% Production
Vietnam*** • Premier Oil (Vietnam) Ltd. 25%
• PetroVietnam Exploration Production Corporation Ltd. 15%
• MedcoEnergi 31.875%
Block 9 Malik, Yemen PSA 4,728 2030 • Calvalley Petroleoum Ltd 42.5%, Production
• Hood Oil Ltd 21.25%
• YOGC 15%
• Medco Yemen Malik, Ltd. 21.25%
Karim Small Fields, Service 907 2040 • Medco Oman LLC (operator) 75% Production
Oman agreement • Oman Oil Company 25%
Medco Oman LLC shareholders:
• Medco International Enterprise Ltd. 78%
• Eng. Abdul Rahman Barham 10%
• Vision Oil & Gas 6.67%
• Petrovest General Trade 5.33%
Block 56, Oman EPSA 5,808 2024 • Medco Arabia Ltd. 5% Exploration
• Biyaq Oilfield Services LLC 25%
• Tethys Oil Oman Onshore Ltd. (operator) 65%
• Intaj LLC 5%
Block 10, Mexico PSC 1,999 2023 • Repsol (operator) 40% Exploration
• Petronas 40%
• MedcoEnergi 20%
Block 12, Mexico PSC 3,099 2023 • Petronas (operator) 60% Exploration
• PTTEP 20%
• MedcoEnergi 20%
Area 47, Libya EPSA IV 6,182 5-year Exploration stage participating interest: Exploration
exploration • Medco International Ventures Ltd. (operator) 50% and
period and • Libya Investment Authority 50% Development
25-year
production Development stage participating interest:
period following Nafusah Oil Operation (operator)
exploration • National Oil Corporation 50%
• MedcoEnergi 25%
• Libya Investment Authority 25%
Blocks 1 and 4, PSA 8,512 2024 • Shell (operator) 60% Exploration
Tanzania and • Pavilion Energy 20% and
3,784 • MedcoEnergi 20% Development
Block 60, Oman** EPSA 1,485 2048 • OQ Exploration & Production 60% (operator) Production
• Medco Daya Oman Block 60 Pte Ltd. 20%
• Medco Energi Oman Block 60 Pte Ltd. 20%
Block 48, Oman** EPSA 2,995 End of exploration • OQ Exploration & Production 60% (operator) Exploration
period by 2025 • Medco Daya Oman Block 48 Pte Ltd. 20%
15 year production
• Medco Energi Oman Block 48 Pte Ltd. 20%
+ 5 years extension
upon Declaration of
Commerciality
* Divested February 2023
** Acquired December 2023
** *Divested April 2024
2023 Annual Report PT Medco Energi Internasional Tbk 37
Page 40
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Block 60, Oman
Expanding Our Acquisition of
20% Interests in
Reach in Oman Blocks 60 and 48
After a successful 17-year presence Block 60 covers 1,485 km2 and is
in Oman, MedcoEnergi expanded its currently producing approximately
portfolio with the acquisition of two 63 mboepd from the Bisat oil and Abu
20% interests in onshore exploration Butabul gas and condensate fields.
and production sharing agreements This translates to an additional net
(EPSAs) from OQ Exploration & 12.6 mboepd production to MedcoEnergi.
Production LLC. The producing Block The asset has several advantages,
60 and the exploration Block 48 are including low-cost oil production with
located in western Oman near the Saudi favourable terms, profit split up to 35% for
Arabian border. Block 60 provides an oil and up to 40% for gas and all tax borne
immediate uplift in production and by the government. The EPSA expires
both blocks offer significant oil & gas in 2048 and the block has substantial
resource potential. undeveloped discovered gas resources.
38 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Block 60 63 1,485 20% Block 48 2,995 20%
EPSA Production mboepd km2 Participating EPSA Exploration km2 Participating
Interest Interest
Block 48, situated adjacent to and west of Block 60 and a wealth of experience as Oman’s third-largest producer and
covering 2,995 km2 holds significant potential for further a subsidiary of the state-owned energy group, OQ Group
oil and gas discoveries. The Block 48 EPSA is in the second SAOC.
phase of the exploration period and extends until the end of
2025, with a commitment to acquire a new 3D seismic. The acquisition is a significant milestone for MedcoEnergi.
It delivers immediate production uplift, unlocks future
Although non-operated, MedcoEnergi will be actively exploration potential, and expands the Company’s
involved by seconding experienced personnel – senior staff geographic footprint in a strategically important region.
and technical experts well-versed in gas development, The partnership with OQ Exploration & Production further
production, technology, and sustainability – to support the strengthens MedcoEnergi’s position, leveraging their
asset. Our new partner, OQ Exploration & Production, brings expertise and established presence in Oman.
2023 Annual Report PT Medco Energi Internasional Tbk 39
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Power
Powering
Indonesia’s
Sustainable
Future.
Eka Satria
President Director
PT Medco Power Indonesia
40 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Medco Power Indonesia (Medco Power) owns and operates On 29 December 2023, Medco Power made the final
14 gas-fired, geothermal and other types of renewable investment decision for the East Bali Solar PV project, which
power plants across Indonesia, and provides Operation and will have an installed capacity of 25 MWp. Construction
Maintenance (O&M) services for both own and third-party commenced in early 2024 and is progressing ahead of
power plants. schedule, the plant is targeted to commence operations by
end-2024.
Safety First
At MedcoEnergi, safety and the environment management Geothermal development also witnessed significant progress
are paramount. Medco Power has achieved zero lost- in 2023. The company focused on advancing the 34 MW
time incidents since 2020 and accumulated 42 million phase one of the Ijen plant in East Java. Project financing
safe working hours as of end 2023. The Company actively was secured, contract awarded and five of the six phase-one
promotes safety awareness through ongoing campaigns, risk wells were successfully drilled. Construction remains ahead
assessments, training programs and continuous monitoring. of schedule, reaching 39% completion by the end of 2023
Medco Power encourages visible management commitment and over 60% in March 2024. This project will be in operation
and empowers all employees to be safety leaders. by early 2025.
In 2023, we received a Gold PROPER award for Tanjung Jati Additionally, the phase-one of the Long-Term Recovery Plan
B, a plant we operate for PLN, for the fifth consecutive year. at Sarulla geothermal was completed with the drilling of one
The Ministry of Manpower also acknowledged our safety new well with positive results for connection to the main plant
record by granting Medco Power three Zero Incident Awards, in 2024. Medco Power also signed a partnership agreement
one each for Tanjung Jati B, PT Medco Ratch Power Riau with Mitsui Oil Exploration Co. Ltd. for future geothermal
(MRPR), and PT Mitra Energi Batam (MEB). development in Sumatra.
Advancing Renewables and Geothermal Expanding Capacity and Exploring Clean
Projects in 2023 Energy Solutions
In 2023, Medco Power, along with consortium partners Medco Power advanced the ELB add-on project, utilizing
PacificLight Renewables Pte Ltd and Gallant Venture Ltd, waste heat for electricity generation with a new steam turbine
was awarded a conditional import license by the Energy generator. A PPA amendment signed with PLN Batam in Q3-
Market Authority of Singapore for 600 MW solar power, the 2023 converts the Tanjung Uncang plant from simple cycle
Bulan Project. to combined cycle, increasing capacity from 70 MW to 109
Solar PV, Sumbawa
2023 Annual Report PT Medco Energi Internasional Tbk 41
Page 44
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Power
MW. This project will significantly improve efficiency and is In 2023, the Company began discussions to sell REC from
targeted for operational by Q4-2025. the mini hydro operations. The second phase of carbon
commercialization will involve the sale of carbon credits.
Our commitment to clean energy development positions Medco Medco Power registered as a seller on the newly launched
Power as a key player in Indonesia’s transition towards net zero Indonesian carbon exchange, IDXCarbon.
emissions. In Q3-2023, the company was awarded a grant from
the United States Trade and Development Agency to conduct a Shaping a Sustainable Future through
feasibility study for wind power plant opportunity in Sumbawa. This Collaboration
study includes a detailed wind resource assessment, a preliminary Medco Power also signed agreements for joint studies on
geotechnical analysis, power plant and interconnection system various initiatives: implementing solar PV at MedcoEnergi
design, a grid integration study, a preliminary environmental and E&P assets, establishing a data center in Batam with
social impact assessment, a risk assessment, a cost and economic PT PLN Batam, applying advanced technology in geothermal
analysis, and an implementation plan. projects with GreenFire Energy, and developing green
hydrogen with ACWA Power. Additionally, a memorandum
Carbon Commercialization of understanding with PT Telkom was signed to explore
Medco Power is moving forward with Renewable Energy the provision of green power for their Batam data center,
Certificate (REC) and carbon credits commercialization. PT Telkom Data Ekosistem.
Power Generated Sales (GWh)
Plant Location Fuel-Type 2019 2020 2021 2022 2023
Gas-fired IPPs
Mitra Energi Batam Batam Gas 586 539 553 551 565
Dalle Energi Batam Batam Gas 500 625 629 634 579
Energi Listrik Batam Batam Gas 521 521 521 521 521
TM2500¹ Batam Gas 33 - - - -
Energi Prima Elektrika South Sumatra Gas 73 67 71 73 69
Multidaya Prima Elektrindo South Sumatra Gas 80 69 74 74 75
Singa IPP South Sumatra Gas 5 - - - -
Medco Ratch Power Riau Riau Gas - - - 1,285 1,544
Total Gas-fired IPPs 1,798 1,821 1,848 3,138 3,354
Renewable IPPs
Pusaka West Java Mini Hydro 30 39 41 42 38
Cibalapulang West Java Mini Hydro 24 34 38 33 21
Sumbawa Sumbawa Solar PV - - - 23 40
Sarulla North Sumatra Geothermal 748 744 791 757 702
Total Renewable IPPs 802 817 870 855 801
Total Power Generated Sales (GWh) 2,600 2,638 2,718 3,993 4,155
1)
TM2500 asset sold in 2023
42 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Power Capacity (MW)
Power Plant and O&M Effective Ownership Gross Capacity (MW)
Gas-fired IPPs
Mitra Energi Batam 42% 85
Dalle Energi Batam 48% 85
Energi Listrik Batam 43% 76
Energi Prima Elektrika 56% 12
Multidaya Prima Elektrindo 51% 12
Singa IPP 100% 7
Medco Ratch Power Riau 51% 275
Energi Listrik Batam - Combined Cycle 43% 39
Total Gas-fired IPPs 591
Renewable IPPs
Pusaka, Mini Hydro 100% 9
Cibalapulang, Mini Hydro 70% 9
Sumbawa, Solar PV* 50% 26
West Bali, Solar PV* 50% 25
East Bali, Solar PV* 50% 25
Sarulla, Geothermal 19% 330
Ijen, Geothermal 51% 110
Bonjol PSPE, Geothermal 100% 60
Total Renewable IPPs 594
Operation & Maintenance
Sarulla 330
Tanjung Jati B 1,320
Riau 275
Sulut 100
Timor 100
Total Operation & Maintenance 2,125
Total Gross Capacity 3,310
*Peak gross capacity of solar facilities
Combined-Cycle Power Plant, Riau
2023 Annual Report PT Medco Energi Internasional Tbk 43
Page 46
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Copper and
Gold Mining
Copper enables
the future.
AMNT delivers it
responsibly.
Rachmat Makkasau
President Director
PT Amman Mineral Nusa Tenggara
44 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
PT Amman Mineral Nusa Tenggara (AMNT), a subsidiary and the second for a program to prevent childhood growth
of the listed company PT Amman Mineral Internasional stunting.
Tbk (AMMN), is a world-class copper and gold producer
operating the Batu Hijau mine in West Sumbawa Regency, AMNT was also awarded three Good Mining Practice
West Nusa Tenggara Province. Batu Hijau is an open-pit Awards from the Directorate General of Mineral and Coal, an
mine that began commercial operation in 2000. It produces Aditama Award for Environmental Protection Management
high-grade, extremely clean copper concentrate, which is a and Utama Awards for Mining Technical Management and
highly desirable feedstock for smelters around the globe and Standardization in the Mineral and Coal Services Sector.
also contains gold and silver. Wood Mackenzie, in its Copper
and Gold Markets and Asset Benchmarking Report of May In September 2023, AMNT signed a letter of commitment with The
2022, stated that Batu Hijau is the second-largest copper– Copper Mark, the first and only assurance framework for copper.
gold mine in Indonesia, and the combined mineral reserves The company committed to an assessment against 32 criteria for
at Batu Hijau and the Elang Deposit are together the world’s responsible production, designed to ensure good mining practices
fifth-largest copper–gold complex. are implemented in every aspect of the operations.
AMNT operates under an IUPK-OP, an operation production Elang Block
special mining business license, with a 25,000-ha concession AMNT continues to explore for copper and gold in the Batu
comprising four blocks. Currently the IUPK-OP is valid until Hijau license area. The primary focus is Elang, one of the
2030, but it can be extended for two 10-year periods. world’s largest undeveloped copper–gold porphyry deposits.
It is located about 60 km east of the Batu Hijau mine and
In 2023 AMNT produced 312 Mlbs of copper, 463 koz of gold 12 km north of the south coast of Sumbawa Island.
and 1,370 koz of silver from Phase 7 ore mining. Production
in 2023 was affected by unprecedented rainfall, nearly double In 2023, AMNT continued drilling, reaching a total of 20 km2
the historical yearly average from October 2022 to April 2023. (147 drillholes). The objectives were to increase confidence in
Therefore, AMNT could not access fresh ore from Phase 7 for and accuracy of the Elang geological model and to improve
seven months. Instead, operations were optimized by focusing the mineral resource classifications for ongoing feasibility
on waste removal at Phase 8, with production expected in studies and, subsequently, JORC reserves. To date, the
2025. However, AMNT managed to execute pit dewatering Elang geological database is based on 1,047 holes, with a
faster than expected and fresh Phase 7 ore was accessed in total of 254 km2 drilled.
July versus the initial forecast of September.
The drilling in 2023 also included holes to confirm barren
AMNT’s achievements were recognized by Indonesia’s ground beneath the planned location of the Elang waste
Ministry of Energy and Mineral Resources, which awarded dump, to obtain core samples for metallurgical test work
the company two Subroto Awards. These are the ministry’s for an epithermal gold deposit and exploratory scout holes
most prestigious awards and are given to stakeholders who in identified targets within AMNT’s exploration lease blocks.
have contributed significantly to advancing the energy and Additionally, geological mapping and induced polarization
mineral resources sector in Indonesia. AMNT won two 2023 geophysical surveys were performed to identify further
Subroto Awards, the first for a community nursery program possible scout drilling targets.
Benete Port, Sumbawa, West Nusa Tenggara
2023 Annual Report PT Medco Energi Internasional Tbk 45
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Copper and
Gold Mining
Smelter and Precious Metals Refinery 100.7% of the scheduled target of 72.1%. This assessment is
According to the Coal and Mineral Law No. 3/2020, exports based on realized investment in physical construction and
of raw minerals are prohibited. Instead, mining companies are the purchase of items with long lead times (equipment and
required to build smelter facilities to increase the value of machinery), among others.
the mineral commodities. To comply with this requirement,
PT Amman Mineral Industri (AMIN), another subsidiary of Expansion Projects
PT Amman Mineral Internasional Tbk, is building a copper In addition to the Smelter Projects, AMNT has also started its
smelter on a 150-ha site located 1.5 km from Sumbawa’s Processing Plant Expansion Project. The concentrator plant
Benete Bay port. capacity will be expanded to approximately 80–90 million
tonnes of ore per annum from the current level of 35–40
The smelter development includes supporting infrastructure million tonnes per annum. The Processing Plant Expansion
(Smelter Projects): Project began in 2021 and construction is expected to be
• An air separation unit to supply the necessary oxygen completed in 2025. Under construction:
and nitrogen. • Two new grinding circuits each comprising one large
• A desalination and demineralization plant to supply semi-autogenous (SAG) mill, paired with one large ball
desalinated and demineralized water to AMIN. mill, similar to the existing mill configuration but with
• Sulfuric acid plants, sewage treatment plants, slag higher installed power and throughputs.
concentrators, gas cleaning plants and other supporting • Two double-deck vibrating pebble screens and a
facilities. secondary pebble-crushing area with four cone crushers.
• Precious metal refining facilities. • Two new sets of flotation cells, each set consisting of
three rougher cells followed by four scavenger cells.
The smelter has a design capacity of 900,000 tonnes per
annum of copper concentrate and will process material from Ore from Phase 8 and the Elang mine will be processed at
the Batu Hijau and Elang mines. It will produce 222,000 tonnes this new processing plant.
per annum of Grade A LME Copper cathodes (LME Copper as
traded on the London Metal Exchange) and 830,000 tonnes In parallel, AMNT has also started construction of a 450
per annum of sulfuric acid (at a concentration of 98.0%). The MW combined-cycle gas power plant and LNG storage and
precious metals refinery will produce 18 tonnes per annum of regasification terminal at Benete Bay. The Batu Hijau mine is
gold bullion (with a gold purity of 99.9%), 55 tonnes of silver currently supplied by a 112 MW coal-fired power plant and a
bullion (with a purity of 99.9% silver) and other by-products. 45 MW diesel power plant, as well as the new 26.5 MWp solar
PV plant. Construction of the combined-cycle gas power
An independent verification conducted in December 2023 plant began in the first quarter of 2023 and operation of the
found that AMIN had reached 76.1% completion of the copper new facilities will be conducted in stages, starting from 2024
smelter, which is 105.1% of the scheduled target of 72.4%. The until full completion in 2025. It will supply electricity for the
precious metals refinery facilities were at 72.7% completion, Smelter Projects and Processing Plant Expansion Project.
AMNT Processing Plant, Sumbawa, West Nusa Tenggara
46 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
2023 Annual Report PT Medco Energi
Revegetation at Batu Internasional Tbk
Hijau, Sumbawa, 47
West Nusa Tenggara
Page 50
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Other
Businesses
Donggi-Senoro LNG, Central Sulawesi
PT Api Metra Graha PT Mitra Energi Gas Sumatera
The Company owns a 49% interest in PT Api Metra Graha PT Mitra Energi Gas Sumatera is a wholly owned subsidiary
(AMG). AMG holds several assets, including The Energy that owns and operates a 17.5 Km pipeline located in Gunung
Building, a 43-storey office tower located in Jakarta’s central Megang, Muara Enim, South Sumatra.
business district. Built in 2006 and in operation since 2008,
this premium grade A building is MedcoEnergi’s headquarters.
PT Exspan Petrogas Intranusa PT Satria Raksa Buminusa
PT Exspan Petrogas Intranusa is a wholly owned subsidiary, PT Satria Raksa Buminusa is a wholly owned subsidiary
which operates one drilling rig and three workover rigs, all in providing security services to MedcoEnergi and several
active operation. third-party companies in Indonesia.
48 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
PT Donggi-Senoro LNG (DSLNG) Medco Foundation
The Company owns an 11.1% interest in DSLNG, a joint Medco Foundation, a nonprofit organization established
venture company established in 2007 by a consortium in 2007, is committed to improving the quality of life for
consisting of MedcoEnergi, Mitsubishi Corporation, KOGAS, communities both in areas surrounding our operations and in
and Pertamina. DSLNG has a capacity of 2.1 million tonnes other parts of the country where assistance is most needed.
per year. Some notable programs in 2023 include a public awareness
campaign about the danger of tuberculosis, a series of
Transasia Pipeline Pvt. Ltd initiatives to address COVID-19 to mitigate the spread of
The Company owns a 35% interest in Transasia, which owns the virus, the construction of homes for underprivileged
40% of PT Transportasi Gas Indonesia (TGI). TGI operates residents of Mauk, Tangerang-West Banten, and extensive
more than 1,000 Km of the gas pipeline (both onshore and support for education and capacity development within
offshore) connecting Grissik in the Corridor PSC to Duri, MedcoEnergi’s operational areas.
Sumatra, and the Singapore market.
2023 Annual Report PT Medco Energi Internasional Tbk 49
Page 52
Company
Profile
52 Company History 70 Share Performance
54 MedcoEnergi In Brief 71 Shareholder Composition
56 Management 73 Outstanding Securities
60 People and Organization 80 Corporate Data
68 Financial Highlights 81 Company Offices and
69 Operational Highlights Supporting Institutions
Forel Field, South Natuna Sea Block B
Page 53
04
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Company
History
2016
1980 Expansion
2010 Acquired interests
Leading
the Way
1995 New Gas
in the South Natuna
Sea Block B PSC,
and The Amman
Arifin Panigoro First Expansion Production Mineral Nusa
established the first 20-year extensions Tenggara, a copper
Indonesian drilling Expanded through
international asset of the Block A PSC in and gold mining
contractor on 9 Aceh and the South company.
June 1980, PT Meta acquisitions and began
to operate the Rimau Sumatra PSC.
Epsi Pribumi Drilling
Company. PSC and the South
2018
Sumatra PSC.
1992 2013 Sustainable Growth
Paving the Ground 1996 Commissioned the gas
facilities of Block A,
Renewable Aceh. Issued a Global
PT Meta Epsi Pribumi
Drilling Company
Giant Energy Reporting Initiatives
became an E&P Discovery Signed the world’s
(GRI) compliant
Sustainability Report
company with operations Discovered the largest single-
and set 2018 – 2023
in East Kalimantan. giant fields of Kaji contract geothermal
Sustainability Goals.
and Semoga in the power project
Rimau Block. in Sarulla, North
Sumatra.
1994 2019
Going Public 2006 2015 A Leader in
PT Meta Epsi Pribumi
Going West Upstream- Southeast Asia
Drilling Company
became PT Medco Ventured into the Downstream LNG Acquisition of Ophir
Energi Corporation and Middle East with Operations Energy plc to become
conducted its IPO at service contract to a leading energy and
the Indonesia Stock operate the Karim Built the first Indonesian
natural resources
Exchange (IDX). Small Fields in Oman. LNG project separating
company in Southeast
upstream and
Asia.
downstream businesses,
located in Central
Sulawesi.
52 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
2023
Expanding Our Horizons
In 2023, we continued our journey to
2020 strengthen our international position
and solidify our domestic leadership.
The Oman acquisition and the Corridor
Weathering the Storm PSC extension both provide a platform
Celebrated its 40th for further upside and greater value
anniversary, weathered the to shareholders. We expanded our
challenges posed by the energy transition commitments with
COVID-19 pandemic and the development of the Ijen geothermal
the collapsed of oil prices project and made good progress on our
and energy demand. Solar PV projects. The Amman Mineral
Internasional (AMMN-IDX) Initial Public
Offering was also extremely successful.
2021
Building Our Future
Granted extension to
manage Senoro-Toili PSC
and signed SPA to acquire
ConocoPhillips assets in
Sumatra (Corridor PSC).
2022
Reaching New
Heights
With the successful
acquisition of
Corridor, and
several projects
placed into service,
we have reached
a new and higher
production level.
We received
several higher
rating upgrades as
a testament to our
ESG commitment.
South Natuna Sea Block B, Riau Islands
2023 Annual Report PT Medco Energi Internasional Tbk 53
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
MedcoEnergi
in Brief
MedcoEnergi is a leading Southeast Asian energy and natural
resources company listed on the Indonesia Stock Exchange
(MEDC-IDX) and focused on three key business sectors: Oil &
Gas, Clean Power and Copper and Gold Mining. MedcoEnergi
produces Oil & Gas in Indonesia and internationally. The
Group operates gas, solar PV, geothermal and hydro power
plants in Indonesia through Medco Power Indonesia. It also
owns a 20.9% non-consolidated interest in Amman Mineral
Internasional (AMMN-IDX), an Indonesian copper and gold
company that debuted on the Indonesia Stock Exchange in
July 2023.
In December 2023, MedcoEnergi acquired a 20% interest in
Block 60, Oman
two Exploration and Production Sharing Agreements (EPSAs)
in Oman: Block 60, a producing field, and Block 48, still in
its exploration phase. These blocks are located onshore in change rating at B, at par with the average for the oil & gas
western Oman, near the border with Saudi Arabia. Block 60 extraction and production group sector.
covers 1,485 km2 and produces over 60 mboepd from the
Bisat oil and Abu Butabul gas fields. The EPSA will expire MedcoEnergi, through its wholly owned subsidiary Medco
in 2048. The adjacent Block 48 covers 2,995 km2 and has Power Indonesia, promotes cleaner energy via its operated
significant prospective oil & gas potential. The interests were gas, solar PV, geothermal and mini hydro power plants in
bought from OQ Exploration & Production LLC, Oman’s Indonesia. Medco Power Indonesia, which already operates
third-largest producer and a subsidiary of OQ Group SAOC, Indonesia’s largest ground-based solar PV project, is
the state-owned integrated energy group. OQ Exploration & developing two 25 MWp solar power plants in Bali and the
Production is the Operator of both blocks, while MedcoEnergi first geothermal power plant for East Java, located in Ijen. In
will support the development activities through secondment 2023, Medco Power Indonesia and its partners were awarded
of senior personnel. a conditional import license by the Energy Market Authority
of Singapore for 600 MW solar power, the Bulan Project.
Currently, MedcoEnergi has interests in 15 Oil & Gas properties
in Indonesia, 12 of which are producing. The Company Medco Power Indonesia owns and operates 14 IPPs, including
also has interests in 12 international Oil & Gas properties, three Operational and Maintenance, providing services to its
with those in Thailand, Oman and Yemen in production. It own and third-party power plants. Power sales were 4,155
has additional development assets in Libya and Tanzania GWh in 2023, 19% from renewable sources and 81% from gas-
and exploration assets in Oman. In 2023, the Company fired facilities.
continued the process of relinquishing two deepwater
exploration license in Mexico, Blocks 10 and 12. In Block 12W, In 2023, Amman Mineral Internasional (AMMN-IDX) listed on
Vietnam, the Company signed a Sale Purchase Agreement the Indonesia Stock Exchange, it is the year’s largest IPO in
in December 2022, with transaction closed in April 2024. Indonesia. The capital raised will support further expansion,
In 2023, MedcoEnergi average Oil & Gas production was including construction of a copper concentrate smelter
160 mboepd, comprising 80% gas and 20% liquids. Unit costs (capacity 900,000 tonnes per annum) and a combined
were US$8.3 per boe, within the Company’s long-term sub cycle power plant. The smelter will process ore from Batu
US$10 per boe commitment. Hijau and Elang, the latter being one of the world’s largest
undeveloped copper–gold porphyry deposits. Mining of
MedcoEnergi remains well-placed to benefit from economic high-grade ore from Batu Hijau Phase 7 continued in 2023,
growth and increasing demand for energy in Southeast Asia. and waste removal for Phase 8 progressed with production
In its 2021 Climate Change Strategy the Company committed expected in 2025.
to reach net zero greenhouse gas (GHG) emissions for
Scope 1 and Scope 2 by 2050 and Scope 3 by 2060. In In 2023, MedcoEnergi paid a final 2022 dividend of
2023, MedcoEnergi’s Sustainalytics score improved to 29.6 US$40 million and an interim 2023 dividend of
(medium risk) from 36.7 (high risk), while the Company’s US$25 million. The Company will finalize a second 2023
MSCI ESG rating was maintained at A and its CDP climate dividend at the AGMS in 2024.
54 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
To be the Energy Company of Choice
for investors, shareholders, partners,
employees, and communities where
we operate.
VISION
MISSION
To build long-term value with a portfolio
of sustainable energy and natural
resources businesses.
CORPORATE VALUES
Professional Ethical Open Innovative
All employees must All employees must All employees must All employees must
conduct themselves in a conduct themselves in an make efforts to promote cultivate a spirit of
professional manner by: ethical manner by: transparency by: innovation by:
• Being competent in their • Conducting business • Encouraging informality • Building a culture of
area of expertise. fairly with high moral and openness in trailblazers.
• Having a “champion integrity. communication at all • Continuously searching
spirit”. • Applying the highest levels. for innovative solutions
• Always seeking self- ethical standards at all • Building an environment to achieve better, safer
improvement. times. of trust among and cost-effective
• Having professional • Understanding and employees and outcomes.
capabilities and knowing following the Company’s management. • Having intellectual and
their own limits. ethics and Good • Being open-minded in emotional maturity.
Corporate Governance thought, behavior, and
policies. work.
2023 Annual Report PT Medco Energi Internasional Tbk 55
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Advisor
Alwi Shihab
Advisor
Former Minister of Foreign Affairs for the Republic of Indonesia (President
Abdurrahman Wahid), Coordinating Minister of People’s Welfare (President
Susilo Bambang Yudhoyono) and Indonesian President’s Special Envoy for the
Middle East for the OIC (President Joko Widodo), Shihab earned a Bachelor of
Arts degree and Master of Arts degree from the Al-Azhar University, Egypt in
1966 and 1968, respectively. He received a Doctor of Philosophy degree from the
University Ain Shams, Egypt in 1990, then received a Master of Arts degree from
Temple University, US in 1991, followed by a Doctor of Philosophy degree from
Temple University, US in 1995. Post Graduate Harvard University US in 1996. He
joined the Company as an advisor in March 2007 with the main role of providing
advice in penetrating the international oil & gas market.
56 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Board of Commissioners
Yaser R. A. Panigoro Yani Y. Panigoro Marsillam Simandjuntak
Commissioner President Commissioner Independent Commissioner
Yani Y. Panigoro Yaser R. A. Panigoro
President Commissioner Commissioner
Indonesian citizen, born in Bandung on 18 June 1951; a Indonesian citizen, born in Bandung on 22 July 1978;
Bachelor in Electrical Engineering from ITB, Indonesia Received Master of Business Administration from Loyola
(1975) and a Master in Management from Sekolah Tinggi Marymount University, USA, in 2012 and a Bachelor
Manajemen – Bandung, Indonesia (1997); appointed of Science in Information Technology from American
as President Commissioner on 12 October 2020; also Intercontinental University, USA, in 2002; previously
serves as member of the Nomination & Remuneration Deputy Managing Director of MedcoEnergi Mining
Committee, the Sustainability & Risk Management Indonesia (2019-2020), MedcoEnergi Mining Internasional
Committee and the GCG Committee, as Commissioner of Tbk (2007-2010) and Business Development Manager
PT Medco Duta and PT Medco Intidinamika, as a lecturer of MedcoEnergi (2003); appointed as Commissioner
at Universitas Indonesia and as Chairman of Board of by EGMS decision on 25 November 2015 and serves
Trustees Bandung Institute of Technology (Majelis Wali as a member of the Sustainability & Risk Management
Amanat ITB). Committee, the Nomination & Remuneration Committee,
and the GCG Committee. He also serves as Director
of PT APRAMESIS and PT Ravotri Prima Investama, as
Marsillam Simandjuntak
Commissioner of PT Medco Energi Internasional Tbk, PT
Independent Commissioner
Amman Mineral Industri, PT Medco Daya Abadi Lestari,
PT Multi Fabrindo Gemilang, PT Medco Intidinamika and
Indonesian citizen, born in Yogyakarta on 23 February PT Medco Agro.
1943; received a medical degree from Universitas
Indonesia (1971) and a law degree from Universitas
Indonesia (1989); previously a Co-chair of the Reform
Initiative Team on Tax and Customs of the Minister of
Finance (2006-2010), Head of the Presidential Working
Unit on Program Management and Reform (2006-2009)
and Secretary of Cabinet/Minister of Justice/Attorney
General of the Republic of Indonesia (2000-2001);
appointed as Independent Commissioner by EGMS
decision on 25 November 2015; also serves as Chairman
of the Audit Committee, Chairman of the Nomination
& Remuneration Committee, Chairman of the GCG
Committee and member of the Sustainability & Risk
Management Committee; has no affiliated relationships
with members of the Board of Directors and the Board of
Commissioners.
2023 Annual Report PT Medco Energi Internasional Tbk 57
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Board of
Directors
Anthony R. Mathias Ronald Gunawan Hilmi Panigoro Roberto Lorato Amri Siahaan
Director & Chief Director & Chief President Director Director & Chief Director & Chief
Financial Officer Operating Officer Executive Officer Administrative Officer
58 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Hilmi Panigoro Ronald Gunawan
President Director Director & Chief Operating Officer
Indonesian citizen, born in Bandung on 4 April 1955; earned a Indonesian citizen, born in Papua Barat on 1 June 1964; received
degree in Geological Engineering from ITB, Indonesia (1981), a BSc degree from ITB, Indonesia and an MSc degree from the
enrolled in the MBA Core Program of the Thunderbird University, Texas A&M University, USA, both in Petroleum Engineering;
USA (1984) and received an MSc from the Colorado School of previously VP Operations & Development of Premier Oil
Mines, USA (1988); previously President Commissioner (2008- (2014-2015), President & General Manager of Hess Indonesia
2015), President Director (2001-2008) and Director (1998- (2012-2014), held various management positions in operations
2001) of MedcoEnergi; appointed as President Director by and projects with Eni Australia and Eni E&P (2007-2012) and
EGMS decision on 25 November 2015; also serves as member VP Assets of VICO Indonesia (2002-2006), President IPA
of the Sustainability & Risk Management Committee, as well (2018), Vice President IPA (2019-2023), Board member of IPA
as Director and Commissioner of several companies within (2015 – now); with more than 36 years’ experience in the Oil
the MedcoEnergi group of companies. Hilmi has 43 years of & Gas industry, Ronald was appointed as Director & COO on
experience in the Oil & Gas industry. 25 November 2015 and has no affiliated relationships with
members of the Board of Commissioners and the Board of
Directors.
Roberto Lorato Amri Siahaan
Director & Chief Executive Officer Director & Chief Administrative Officer
Italian national, born in Italy on 10 April 1958; received a degree Indonesian citizen, born in Belitung on 5 June 1965; holds a
in Mechanical Engineering from the University of Padua, Italy Mechanical Engineering degree from ITB, Indonesia (1989) and
(1987), a degree in Energy Economics from Scuola Superiore an MBA degree from the University of Leicester, UK (2003).
Enrico Mattei, Italy (1988) and a Master’s degree from the Previously as General Manager Medco E&P Natuna (2016-
London Business School, UK (1994). Previously President 2018), VP Government Affairs & Business Support of Premier
Director of Premier Oil Indonesia (2010-2015), Managing Oil Indonesia (2011-2015), GM Operations/Site Manager of
Director of ENI Indonesia (2006-2009), President & CEO of Tangguh LNG, BP Indonesia (2009-2011), Executive Assistant to
VICO (2003-2006) and Managing Director of Agip, UK (2001- the COO of Atlantic LNG Trinidad & Tobago (2007-2008), VP
2002). An active member of the IPA Board of Directors (2006- Semberah Asset VICO Indonesia (2004-2006), VP SCM of VICO
2015) was elected President of the association for 2008 and Indonesia (2001-2004) and Audit & Internal Control Manager
2009. With more than 35 years’ experience in the Oil & Gas of BP Indonesia (2001). With more than 20 years’ experience
industry, Roberto was appointed Director & Chief Executive in the Oil & Gas industry, Amri was appointed as Director and
Officer by Extraordinary General Meeting of Shareholders on Chief Administrative Officer on 25 November 2015; He has also
25 November 2015; also serves as a member of the Sustainability undertaken a Competent Boards qualification in Climate Change
& Risk Management Committee; has no affiliated relationships and also serve as member of the Good Corporate Governance
with members of the Board of Commissioners and the Board of committee; has no affiliated relationships with members of the
Directors. Board of Commissioners and the Board of Directors.
Anthony R. Mathias
Director & Chief Financial Officer
British national, born in Wales on 6 November 1966; He was
the Vice President of Finance and Information Technology in
Premier Oil from 2012 - 2015, he previously held positions with
ConocoPhillips 2006 - 2012 and Mobil Oil. He began his career
with GEC Marconi in 1988 before joining Price Waterhouse in
1990. He is a Fellow of the Institute of Chartered Accountants
in England and Wales, a member of the UK Institute of Directors
and received an MBA from the Manchester Business School
and a Bachelor’s degree in Electrical Engineering from Bradford
University in the United Kingdom. With 30 years’ experience
in the Oil & Gas industry, Anthony was appointed Director &
Chief Financial Officer by Extraordinary General Meeting of
Shareholders on 25 November 2015; He has taken a Competent
Boards qualification in Climate Change and is undertaking a
course in Sustainability, Environment, Economy & Society from
the London School of Economics. He is a member of both the
Good Corporate Governance Committee and Sustainability &
Risk Management Committee; has no affiliated relationships
with members of the Board of Commissioners and the Board of
Directors.
2023 Annual Report PT Medco Energi Internasional Tbk 59
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
People and
Organization
Amri Siahaan
Director & Chief
Administrative Officer
60 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Our diverse Expanding our horizons at MedcoEnergi It also highlights our commitment to
goes beyond acquisitions, milestones, welcoming new colleagues seamlessly
MedcoEnergi family and innovations. It’s about the into the wider MedcoEnergi family,
is our strength, dedicated individuals who drive our as demonstrated by the decision of
day-to-day operations, fueling our the entire senior leadership team at
uniting talent, growth and propelling us towards new Corridor to stay on board.
skills and cultures, opportunities. Our recent journey,
marked by investments, expansions, Further fostering collaboration and
propelling us has brought us a diverse and talented knowledge sharing, the Corridor team
towards success. workforce, enriching the MedcoEnergi relocated to The Energy Building in
family with new perspectives, skills, and May 2023, resulting in a 24% reduction
cultures. This diversity is a powerful in office space. This move also aligns
strength that allows us to broaden our with our strategic focus on enhancing
horizons, think outside the box, and collaboration which also supports
embrace new opportunities. employee rotation across the business,
allowing individuals to develop their
Openness and Team Spirit capabilities by gaining exposure to
One most significant achievement in different areas and functions.
2023, from a human capital perspective,
was the integration of Corridor Building a Strong and
operations. Following the acquisition, the Engaged Workforce
Corridor team’s remarkable openness In 2023, we conducted a comprehensive
and collaboration were instrumental in Employee Engagement Survey. We
establishing the Accelerated Corridor were delighted with the high response
Development (ACD) initiative, which rate of 92% and the positive overall
in turn laid a strong foundation for engagement score of 76, exceeding our
securing a successful PSC extension for target. This survey, in collaboration with
Corridor Block. This successful outcome Mercer, posed meaningful questions to
exemplifies the team spirit that is gain valuable insight into employees
integral to the MedcoEnergi identity. sentiment.
Wortel Platform, Sampang, East Java
2023 Annual Report PT Medco Energi Internasional Tbk 61
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
People and
Organization
The results revealed a positive and supportive work To accelerate our journey towards net zero emissions,
environment at MedcoEnergi, with employees expressing we actively partnered with the Indonesian Chamber of
confidence in the company’s direction and objectives. Commerce and Industry’s (KADIN) Net Zero Hub initiative.
They also appreciated the strong culture of collaboration This collaboration strengthens the network between
and teamwork and the company’s dedication to innovation. Indonesian companies and the global net-zero movement,
Additionally, employees highlighted their positive and providing valuable guidance on their path to decarbonization.
supportive relationships with their immediate managers. We’re also exploring potential partnerships with various
national and international institutions to further amplify this
We are deeply grateful for our colleagues’ considered critical agenda.
responses to the survey. These, along with additional insights
gleaned from focus group discussions, will be used to By equipping our employees with the knowledge and skills
develop a comprehensive action plan for improvement. Our needed to navigate the evolving energy landscape, we are
commitment to continuous improvement is reflected in four not only fulfilling our responsibility towards the environment
key initiatives: but also strategically positioning ourselves for the future. This
comprehensive training program empowers our workforce to
1. Continued promotion of Medco Leadership actively contribute to sustainable energy solutions, ensuring
Behaviors: These behaviors, rooted in the company’s MedcoEnergi remains at the forefront of responsible and
core values of professionalism, ethics, openness, and environmentally conscious operations.
innovation, serve as guiding principles for all employees.
2. Development of idea-sharing tools: We are actively Fostering a Diverse and Inclusive Future
creating tools to empower employees to share their MedcoEnergi is committed to promoting diversity, inclusion
ideas and contribute to streamlining processes and and equal opportunities for all our employees. And we
improving efficiency. are very pleased to see that the female representation is
3. Competitive compensation: We are committed to increasing across our organization, including at management
maintaining a competitive compensation package level. Additionally, our robust succession planning is ensuring
through consistent market reviews, ensuring our a smooth transition for leadership roles. This forward-thinking
employees are fairly rewarded for their contributions. approach is reflected in our workforce demographics, with
4. Enhanced career development communication: a growing number of young professionals, as experienced
Improved communication strategies will ensure individuals reach retirement age*. This influx of fresh talent
employees have clear and accessible information on will ensure a dynamic and innovative workforce to lead us into
career development opportunities within the company. the future.
By actively listening to our employees, taking their feedback, Enriching our Workforce through
and implementing actionable improvements, we are fostering Acquisition and Development
a stronger and more engaged workforce, poised to drive Our 2023 acquisition in Oman further diversified the
MedcoEnergi’s continued success. MedcoEnergi family. To support these new assets, the
company plans to mobilize a number of senior management
Investing in the Future: Sustainability and and technical experts, ensuring strong technical collaboration
Talent Development in developing the assets. The vacancies created in our
2023 witnessed significant progress on MedcoEnergi’s organization will be filled through our talent mobilization
climate change agenda. Aligning with our established and rotation system, fostering a dynamic and development-
strategy, we actively fostered employee learning in oriented work environment.
sustainability and the energy transition. This year, we
successfully trained 99% of targeted employees (201 out Investing in the Next Generation of
of 204), encompassing senior management, international Leaders
and Indonesian assets, and dedicated working groups. The We continued to enhance our succession planning process
training covered key sustainability concepts, frameworks, and in 2023, establishing a formal coaching system for high-
technical skills relevant to climate change and the energy potential individuals identified by our Talent Development
transition. This included topics such as carbon capture Committees. This program targets individuals with leadership
and storage, corporate sustainability and climate change potential at the corporate level and within the energy sector.
strategies, energy conservation and optimization. By providing strategic and systematic support and guidance,
we aim to accelerate their growth and development,
* In the last three years (2021-2023), the number of managers below 45 years old (Section Head above in all MedcoEnergi entities) increased by 14%.
62 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
equipping them to become future leaders. Notably, 36% Building Capabilities through Continuous
of the participants in this program in 2023 were women, Learning
reflecting our commitment to diversity and inclusion at all Our commitment to employee development extends beyond
levels. leadership grooming. We continued conducting development
programs like the Project Management Academy and the
We further strengthen leadership capabilities across Subsurface Academy, alongside Operations Competency
all positions through our ongoing programs. We Assessments. Additionally, we provided selected workers at
recently concluded the second iteration of the Medco Solar PV Sumbawa and Sarulla Geothermal with scholarships
Senior Leadership Development Program (MSLDP), a to pursue bachelor’s and master’s degrees, further
comprehensive 44-week program developed in collaboration empowering them to contribute to the company’s success.
with Harvard Business Publishing. This program equipped
approximately 35 high-potential leaders with the skills and Building Strong Digital Information
knowledge necessary to excel in senior leadership roles. Technology Foundations
In 2022, we developed our digital information technology
Additionally, our Leadership Essential Development Program strategy under the four pillars outlined in the 2022 annual
(LEAD) provides ongoing development opportunities. report: strengthening our digital foundation, establishing a
This year, we successfully delivered 13 Strengthening new digital operating model, driving digital transformation
Critical Thinking training sessions, with participation from across our business, and strengthening our cybersecurity.
267 leaders at various levels, from Lead/Supervisor/
Manager to Senior Manager and VP/SVP. These sessions 2023 witnessed the early implementation of this strategy,
focused on internalizing Medco’s Leadership Behaviors, with a focus on building a robust digital foundation that
ensuring a strong foundation for effective leadership across empowers us to navigate future challenges with agility
the company. and resilience. This foundation will support further process
2023 Annual Report PT Medco Energi Internasional Tbk 63
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
People and
Organization
automation and digital transformation initiatives, ultimately A key factor in this success is the establishment of our
enhancing our efficiency, effectiveness, and overall agility. Grand Plan Alignment. This initiative ensures harmonious
With a solid foundation in place, 2024 will be pivotal as we policies and procedures, encompassing Collective Labour
move into the heart of the implementation stage. Agreements (CLA) inherited from various entities during
our growth journey. By creating a unified framework, we’ve
The Four Pillars of Our Digital Strategy: fostered a more cohesive and collaborative work environment
1. Strengthening our digital foundation: This for all employees.
entails optimizing and deploying our application and
infrastructure platform to support seamless business In 2023, we successfully concluded three CLA renewals.
processes. These agreements were concluded through a smooth and
2. Establishing a new digital operating model: This positive process, solidifying our commitment to fair and
involves ensuring our structure, processes, and transparent labor practices. This collaborative approach
governance enable strategic and agile decision-making strengthens our partnerships with our employees, laying the
in the digital age. foundation for mutual success.
3. Driving digital transformation across the
business: This includes strategically deploying digital Expanding Our Horizons
technologies aligned with the company’s goals and As we look towards 2024, building upon the valuable feedback
equipping our workforce with the necessary data and received from the 2023 Employee Engagement Survey
analytics skills. remains a top priority. We are committed to implementing the
4. Strengthening our cybersecurity: This pillar focuses actionable insights gleaned from this survey, demonstrating
on protecting the company from increasingly complex our dedication to continuous improvement and employee
cyber threats through robust measures and ongoing engagement.
vigilance.
Furthermore, we plan to deepen our program of rotations
to maximize the potential of our diverse workforce. By
Sustainable Procurement strategically mixing people, talent, and cultures, we aim
At MedcoEnergi, we prioritize sustainable procurement to unlock synergy, foster innovation, and ensure that both
practices as part of our commitment to environmental MedcoEnergi and its employees continuously benefit from
stewardship and social responsibility. Our supply chain our rich tapestry of skills and perspectives.
management team not only focuses on sourcing ethically and
responsibly but also actively supports vendors in Indonesia, In the realm of digital transformation, we will continue to
Oman and Thailand to improve their capabilities, preparing drive the effective implementation of our digital strategy.
them for future challenges. This includes ensuring our people possess the necessary
skills and competencies to confidently utilize our systems
Through the ONE Medco Program, we have implemented and unlock the full potential of digital tools.
standardized processes, systems, tools, procedures and
performance appraisals for contractors and service providers We are confident that our existing foundations, tools, and
involved in high and medium risk contracts. This ensures robust succession plan will effectively support both our
that our procurement activities align with our values of ongoing operations and future acquisitions. By leveraging
sustainability and care for the communities and environments these resources effectively, MedcoEnergi will continue to
in which we operate. position itself as an agile, flexible, and efficient organization
well-equipped to navigate the dynamic future ahead.
Harmony in Industrial Relations We recognize that enhancing business processes, cost
I am pleased to report that despite significant growth and efficiency, and overall effectiveness are fundamental drivers
numerous integrations over the past few years, including of sustainable business success. All these ongoing efforts
a doubling of our direct employee base since 2016, will further strengthen our capabilities in “Expanding our
MedcoEnergi has maintained positive and collaborative Horizons,” propelling us towards achieving our long-term
industrial relations. strategic goals.
64 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
People and
Organization
Human Resources Highlights
Demography
2019 2020 2021 2022 2023
by Location
Corporate 106 102 102 103 116
Oil & Gas 1,909 1,857 2,270 2,216 2,188
Power 797 784 783 807 901
Other Business 874 935 2,234 1,257 1,636
Total Domestic 3,686 3,678 5,389 4,383 4,841
Oman 191 185 183 189 195
Thailand 97 83 86 83 87
Singapore 13 16 16 17 19
Libya 46 14 7 7 7
Tanzania 5 3 3 3 3
Malaysia 5 6 5 2 -
London 14 - - - -
Myanmar 1 - - - -
Total International 372 307 300 301 311
4,058 3,985 5,689 4,684 5,152
2019 2020 2021 2022 2023
Demography
(Gender) Proportion
Number of
Proportion
Number of
Proportion
Number of
Proportion
Number of
Proportion
Number of
Employees Employees Employees Employees Employees
Male 86% 3,505 87% 3,448 89% 5,035 86% 4,035 87% 4,484
Female 14% 553 13% 537 11% 654 14% 649 13% 668
100% 4,058 100% 3,985 100% 5,689 100% 4,684 100% 5,152
2019 2020 2021 2022 2023
Demography
(Age Group) Proportion
Number of
Proportion
Number of
Proportion
Number of
Proportion
Number of
Proportion
Number of
Employees Employees Employees Employees Employees
>50 13% 548 14% 553 14% 801 15% 708 15% 779
>40 - 50 36% 1,463 39% 1,532 34% 1,905 39% 1,824 40% 2,057
>30 - 40 38% 1,539 36% 1,447 35% 1,994 35% 1,614 32% 1,647
>19 - 30 13% 508 11% 453 17% 989 12% 538 13% 669
100% 4,058 100% 3,985 100% 5,689 100% 4,684 100% 5,152
2023 Annual Report PT Medco Energi Internasional Tbk 65
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
People and
Organization
2019 2020 2021 2022 2023
Demography
(Education Number of Number of Number of Number of Number of
Level) Proportion Proportion Proportion Proportion Proportion
Employees Employees Employees Employees Employees
Bachelor & Above 51% 2,075 53% 2,100 44% 2,532 54% 2,505 50% 2,569
Diploma 15% 587 12% 497 10% 541 12% 557 12% 602
High School & 34% 1,396 35% 1,388 46% 2,616 35% 1,622 38% 1,981
Non-Degree
100% 4,058 100% 3,985 100% 5,689 100% 4,684 100% 5,152
2019 2020 2021 2022 2023
Years of Service
(Years) Proportion
Number of
Proportion
Number of
Proportion
Number of
Proportion
Number of
Proportion
Number of
Employees Employees Employees Employees Employees
0-10 65% 2,655 61% 2,452 63% 3,612 58% 2,729 60% 3,104
>10-20 30% 1,218 34% 1,345 31% 1,762 36% 1,680 34% 1,724
>20-30 4% 160 4% 171 5% 268 6% 257 6% 291
>30 1% 25 1% 17 1% 47 0.4% 18 0.6% 33
100% 4,058 100% 3,985 100% 5,689 100% 4,684 100% 5,152
Training 2019 2020 2021 2022 2023
Training Courses 3,710 577 659 1,131 1,058
Mancourse 3,710 6,893 5,826 8,226 9,380
Training Hours 71,625 63,389 60,302 78,841 77,900
Training Investment (USD) 3,500,000 2,358,000 1,963,099 3,782,500 3,976,000
Female in Managerial Positions 2021 2022 2023
Total Managers* 235 311 322
Total Female Managers** 40 62 63
% Women in leadership role 17% 20% 20%
*Assumptions: Total population of Male & Female at Level Managers and above. Scope: Corporate Office, E&P Domestic
**Assumptions: Female population at Level Managers and above. Scope: Corporate Office, E&P Domestic
66 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
2023 Annual Report PT Medco EnergiThe Energy Building,
Internasional 67
Tbk Jakarta, Indonesia
Page 70
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Financial
Highlights
Description 2019 2020 2021 2022 2023
Income Statement (US$ Million)
Sales and other operating revenues 1,381.1 1,099.9 1,252.1 2,312.2 2,249.3
Gross profit 541.2 314.2 550.6 1,246.1 1,033.7
Selling, general, and administrative expenses (222.8) (156.7) (161.4) (219.9) (241.4)
Operating profit 318.4 157.5 389.2 1,026.2 792.3
Other operating income (expense)-net (172.9) (269.2) (119.9) 19.9 (64.4)
Profit (loss) before income tax expense from continuing operations 145.5 (111.7) 269.4 1,046.1 727.9
Income tax expense (195.4) (72.4) (222.8) (508.0) (339.7)
Profit (loss) for the year attributable to owners of the parent (43.3) (192.8) 47.0 530.9 330.7
Profit (loss) for the year attributable to non-controlling interest 13.8 11.7 15.6 20.5 15.1
Total profit (loss) for the year (29.5) (181.2) 62.6 551.4 345.8
EBITDA 620.4 494.5 667.3 1,593.1 1,255.2
Total comprehensive income (loss) attributable to owners of the parent (40.9) (229.0) 69.4 541.3 330.4
Total comprehensive income (loss) attributable to non-controlling interest (0.7) 1.3 15.4 47.3 16.5
Total comprehensive income (loss) for the year (41.6) (227.6) 84.8 588.5 346.8
Profit (loss) attributable to the equity holders of the parent company (43.3) (192.8) 47.0 530.9 330.7
Earnings Per Share (0.00215) (0.00844) 0.00250 0.02123 0.01321
Balance Sheet (US$ Million)
Cash and cash equivalents 457.0 297.5 481.0 600.0 353.9
Restricted Cash 138.6 149.1 451.9 137.2 70.9
Current Assets 1,551.4 1,877.2 1,701.6 1,751.4 1,546.6
Long-term Investment 908.9 831.7 1,075.4 1,410.9 1,653.0
Total Assets 5,983.3 5,882.7 5,683.9 6,931.9 7,468.3
Current Liabilities 699.9 1,367.8 1,006.2 1,379.3 1,422.1
Non-current Liabilities 3,952.8 3,319.6 3,448.4 3,805.1 4,018.7
Total Liabilities 4,652.7 4,687.4 4,454.5 5,184.4 5,440.7
Total Equity attributable to the equity holders of the parent Company 1,170.8 1,007.4 1,072.7 1,557.3 1,828.5
Financial Ratios
Return on Assets (%) (1%) (3%) 1% 8% 4%
Return on Equity (%) (4%) (19%) 4% 34% 18%
Net Profit (loss) margin (%) (3%) (18%) 4% 23% 15%
Current Ratio 2.22 1.37 1.69 1.27 1.09
Current Liabilities to total assets ratio 0.12 0.23 0.18 0.20 0.19
Long-term Liabilities to Total Assets Ratio 0.66 0.56 0.61 0.55 0.54
Total liabilities to Equity Ratio 3.50 3.92 3.62 2.97 2.68
Debt to Equity Ratio 2.40 2.28 2.43 1.80 1.63
Net Debt to Equity Ratio 1.95 1.91 1.67 1.38 1.42
68 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Operational
Highlights
Description 2019 2020 2021 2022 2023
Reserves1
Proved Oil Reserves-1P (mmbo) 91.5 87.9 89.2 92.2 119.3
Proved Gas Reserves-1P (bcf) 726.1 759.3 1,000.8 1,396.5 1,409.1
Total Proved Reserves-1P (mmboe) 225.9 228.5 278.3 352.6 380.7
Proved and Probable Oil Reserves-2P (mmboe) 144.9 146.6 147.6 145.7 184.2
Proved and Probable Gas Reserves-2P (bcf) 847.4 887.4 1,279.5 1,803.7 1,914.2
Total Proved and Probable-2P (mmboe) 300.9 310.4 389.2 481.3 538.8
Contingent Resources (mmboe) 943.0 1,125.4 995.7 1,040.3 1,041.0
Lifting & gross sales2
Oil (mbopd) 31.4 31.9 26.4 25.2 23.2
Gas (bbtud) 323.7 302.2 299.8 667.1 621.1
Oil & Gas Production (mboepd) 3
95.6 93.0 86.9 155.2 152.1
Service Contract in Oman (mbopd) 7.2 7.4 7.2 7.4 7.6
Average Oil Price (US$/bbl) 62.5 40.3 68.0 96.2 77.9
Average Gas Price (US$ per mmbtu) 6.7 5.2 6.5 8.2 7.0
Power
Generated Power Sales (GWh) 2,600 2,639 2,719 3,993 4.155
Copper and Gold Mining
Copper Production (Mlbs) 130.3 293.9 233.7 463.9 312.0
Gold Production (Koz) 55.5 132.1 156.4 730.7 463.5
Average realized copper price (US$ per lbs) 2.5 2.9 4.2 3.6 3.8
Average realized gold price (US$ per oz) 1,342 1,794 1,799 1,737 1,947.7
Notes:
1)
The Company’s participating interest in reserves including Government share.
2)
The Company’s participating interest in oil lifted and gas sold including Government share.
3)
Excluding Oman service contract.
2023 Annual Report PT Medco Energi Internasional Tbk 69
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Share
Performance
Number of Shares Outstanding
Years Q1 Q2 Q3 Q4
2023 25,136,231,252 25,136,231,252 25,136,231,252 25,136,231,252
2022 25,136,231,252 25,136,231,252 25,136,231,252 25,136,231,252
2021 25,136,231,252 25,136,231,252 25,136,231,252 25,136,231,252
2020 17,920,454,106 17,920,454,272 25,062,414,682 25,136,231,252
2019 17,839,338,081 17,839,350,245 17,844,051,544 17,916,081,914
2018 17,728,923,467 17,728,923,467 17,794,313,493 17,829,347,601
Stock Price – IDR per share
Q1 Q2 Q3 Q4
Years
High Low Close High Low Close High Low Close High Low Close
2023 1,430 855 1,010 1,115 840 890 1,705 880 1,610 1,600 980 1,155
2022 570 545 555 660 630 635 925 865 915 1,030 1,010 1,015
2021 590 555 570 650 635 640 560 530 550 478 464 466
2020 339 322 327 393 383 383 358 336 338 630 590 590
2019 1,025 720 890 910 745 810 875 720 690 950 630 865
2018 1,575 890 1,210 1,300 965 965 1,075 745 1,000 1,025 620 685
Market Capitalization (IDR billion)
Years Q1 Q2 Q3 Q4
2023 25,513 22,371 40,469 29,032
2022 13,951 15,962 23,000 25,513
2021 14,328 16,087 13,825 11,713
2020 6,917 8,100 8,471 14,830
2019 15,877 14,450 12,312 15,497
2018 21,452 17,108 17,794 12,213
Shares Trading Volume
Years Q1 Q2 Q3 Q4
2023 4,716,983,885 3,725,812,343 8,449,413,660 8,185,177,754
2022 6,007,759,384 5,253,136,126 8,894,128,300 4,035,586,131
2021 6,681,771,328 3,209,133,708 4,731,090,404 3,444,119,092
2020 3,686,528,675 4,975,106,870 8,255,507,540 8,940,846,664
2019 2,514,532,104 994,398,900 1,254,670,304 2,441,557,976
2018 4,362,092,320 1,865,615,204 2,473,777,688 2,101,325,604
70 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Shareholding
Composition
Historical Listings
Corporate Action Date Ratio Number of Outstanding Shares Par Value
Series I Warrants 31 December 2020 1:1 25,136,231,252 25
Rights Issue 14 September 2020 5:2 25,062,414,682 25
Rights Issue 14 December 2017 3:1 17,728,923,467 25
Stock Split 14 September 2017 4:1 13,329,805,800 25
Stock Split 2 June 2000 1:5 3,332,451,450 100
Rights Issue 2 December 1999 10:11 666,490,290 500
Stock Split 18 August 1998 1:2 344,760,000 500
Bonus Shares 18 July 1996 10:7 172,380,000 1,000
IPO 12 October 1994 - 101,400,000 1,000
Shareholder List – More than 5% Ownership as of 31 December 2023
Shareholders Shares Percentage
PT Medco Daya Abadi Lestari 12,944,140,124 51.50%
Diamond Bridge Pte Ltd. 5,395,205,771 21.46%
18,339,345,895 72.96%
Public Shareholder List – Below 5% Ownership as of 31 December 2023
Shareholder Category Number Shareholders Shares Percentage
Foreign Institutions 237 2,198,260,691 8.75%
Individuals 34,591 2,024,479,533 8.05%
Mutual Funds 151 796,118,857 3.17%
Local Institutions 160 1,042,711,059 4.15%
Insurance Funds 107 563,943,094 2.24%
Pension Funds 56 153,586,166 0.61%
Foundations 13 16,635,857 0.07%
Cooperatives 3 1,150,100 0.00%
35,318 6,796,885,357 27.04%
2023 Annual Report PT Medco Energi Internasional Tbk 71
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Shareholder
Composition
Members of the Board of Commissioners and members of the Board of Directors who own shares of the Company
as of 31 December 2023
Shares Percentage
Commissioner
1. Yani Yuhani Panigoro (Commissioner) 10,019,206 0.04%
2. Yaser Raimi A. Panigoro (Commissioner) 1,569,613 0.01%
Directors
1. Hilmi Panigoro (President Director) 28,339,463 0.11%
2. Roberto Lorato (CEO) 143,724,260 0.57%
3. Anthony R. Mathias (CFO) 46,722,472 0.19%
4. Ronald Gunawan (COO) 60,976,162 0.24%
5. Amri Siahaan (CAO) 42,935,509 0.17%
MedcoEnergi share performance in the IDX
72 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Outstanding
Securities
IDR Bonds
Currency: IDR
Indonesia Stock Exchange
2019 2020 2021 2022 2023
Shelf Registered Public Offering Rupiah Bond II Phase III Year 2016 Tranche C with Interest Rate of 11.8% due on 21 December 2023
Bond rating A+ (Pefindo) A+ (Pefindo) A+ (Pefindo) AA-(Pefindo)
Total 23,000,000,000 23,000,000,000 23,000,000,000 23,000,000,000
Unamortized discounts (66,064,278) (55,087,652) (39,281,609) (17,439,630) REPAID
Total Outstanding 22,933,935,722 22,944,912,348 22,960,718,391 22,982,560,370
Total Interest expense 2,714,000,000 2,714,000,000 2,714,000,000 2,714,000,000
Shelf Registered Public Offering Rupiah Bond II Phase IV Year 2017 Tranche C with an Interest Rate of 11.8% due on 30 March 2024
Bond rating A+ (Pefindo) A+ (Pefindo) A+ (Pefindo) AA-(Pefindo) AA-(Pefindo)
Total 7,000,000,000 7,000,000,000 7,000,000,000 7,000,000,000 7,000,000,000
Unamortized discounts (21,258,212) (9,185,932) (13,418,664) (7,058,122) (1,786,407)
Total Outstanding 6,978,741,788 6,990,814,068 6,986,581,336 6,992,941,878 6,998,213,593
Total Interest expense 826,000,000 826,000,000 826,000,000 826,000,000 826,000,000
Shelf Registered Public Offering Rupiah Bond III Phase I Year 2018 Tranche B with Interest Rate of 9.15% due on 29 March 2023
Bond rating A+ (Pefindo) A+ (Pefindo) A+ (Pefindo) AA-(Pefindo)
Total 217,500,000,000 217,500,000,000 217,500,000,000 217,500,000,000
Unamortized discounts (1,682,483,174) (1,197,288,899) (692,235,836) (277,049,933) REPAID
Total Outstanding 215,817,516,826 216,302,711,101 216,807,764,164 217,222,950,067
Total Interest expense 19,901,250,000 19,901,250,000 19,901,250,000 19,901,250,000
Shelf Registered Public Offering Rupiah Bond III Phase II Year 2018 Tranche B with Interest Rate of 10.75% due on 28 September 2023
Bond rating A+ (Pefindo) A+ (Pefindo) A+ (Pefindo) AA-(Pefindo)
Total 47,500,000,000 47,500,000,000 47,500,000,000 47,500,000,000
Unamortized discounts (574,927,927) (399,108,671) (264,462,916) (128,654,390) REPAID
Total Outstanding 46,925,072,073 47,100,891,329 47,235,537,084 47,371,345,610
Total Interest expense 5,106,250,000 5,106,250,000 5,106,250,000 5,106,250,000
2023 Annual Report PT Medco Energi Internasional Tbk 73
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Outstanding
Securities
Currency: IDR
Indonesia Stock Exchange
2019 2020 2021 2022 2023
Shelf Registered Public Offering Rupiah Bond III Phase III Year 2020 Tranche A with Interest Rate of 8.90% due on 20 February 2023
Bond rating A+ (Pefindo) A+ (Pefindo) AA-(Pefindo)
Total 1,023,700,000,000 1,023,700,000,000 1,023,700,000,000
Unamortized discounts (3,777,362,383) (2,171,056,680) (489,635,500) REPAID
Total Outstanding 1,019,922,637,617 1,021,528,943,320 1,023,210,364,500
Total Interest expense 79,720,637,500 91,109,300,000 91,109,300,000
Shelf Registered Public Offering Rupiah Bond III Phase III Year 2020 Tranche B with Interest Rate of 9.30% due on 20 February 2025
Bond rating A+ (Pefindo) A+ (Pefindo) AA-(Pefindo) AA-(Pefindo)
Total 476,300,000,000 476,300,000,000 476,300,000,000 476,300,000,000
Unamortized discounts (1,992,267,983) (1,576,615,487) (1,231,203,165) (626,393,106)
Total Outstanding 474,307,732,017 474,723,384,513 475,068,796,835 475,673,606,894
Total Interest expense 38,758,912,500 44,295,900,000 44,295,900,000 44,295,900,000
Shelf Registered Public Offering Rupiah Bond IV Phase I Year 2021 Tranche A with Interest Rate of 7.75% due on 9 September 2024
Bond rating A+ (Pefindo) AA-(Pefindo) AA-(Pefindo)
Total 400,000,000,000 400,000,000,000 400,000,000,000
Unamortized discounts (4,072,502,816) (2,724,669,752) (1,075,542,226)
Total Outstanding 395,927,497,184 397,275,330,248 398,924,457,774
Total Interest expense 9,730,555,556 31,000,000,000 31,000,000,000
Shelf Registered Public Offering Rupiah Bond IV Phase I Year 2021 Tranche B with Interest Rate of 8.50% due on 9 September 2026
Bond rating A+ (Pefindo) AA-(Pefindo) AA-(Pefindo)
Total 600,000,000,000 600,000,000,000 600,000,000,000
Unamortized discounts (6,334,216,649) (5,268,958,387) (3,786,814,427)
Total Outstanding 593,665,783,351 594,731,041,613 596,213,185,573
Total Interest expense 16,008,333,333 51,000,000,000 51,000,000,000
Shelf Registered Public Offering Rupiah Bond IV Phase II Year 2021 Tranche A with Interest Rate of 7.75% due on 23 November 2024
Bond rating A+ (Pefindo) AA-(Pefindo) AA-(Pefindo)
Total 941,805,000,000 941,805,000,000 941,805,000,000
Unamortized discounts (4,101,780,739) (2,944,007,635) (385,557,498)
Total Outstanding 937,703,219,261 938,860,992,365 941,419,442,502
Total Interest expense 7,704,488,125 72,989,887,500 72,989,887,500
Shelf Registered Public Offering Rupiah Bond IV Phase II Year 2021 Tranche B with Interest Rate of 8.50% due on 23 November 2026
Bond rating A+ (Pefindo) AA-(Pefindo) AA-(Pefindo)
Total 58,195,000,000 58,195,000,000 58,195,000,000
Unamortized discounts (1,407,221,373) (1,035,838,985) (754,172,020)
Total Outstanding 56,787,778,627 57,159,161,015 57,440,827,980
Total Interest expense 522,138,472 4,946,575,000 4,946,575,000
74 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Currency: IDR
Indonesia Stock Exchange
2019 2020 2021 2022 2023
Shelf Registered Public Offering Rupiah Bond IV Phase III Year 2022 Tranche A with Interest Rate of 7.00% due on 26 Juli 2025
Bond rating AA-(Pefindo) AA-(Pefindo)
Total 1,892,315,000,000 1,892,315,000,000
Unamortized discounts (9,249,893,678) (4,906,333,710)
Total Outstanding 1,883,065,106,322 1,887,408,666,290
Total Interest expense 58,136,121,944 132,462,050,000
Shelf Registered Public Offering Rupiah Bond IV Phase III Year 2022 Tranche B with Interest Rate of 8.10% due on 26 Juli 2027
Bond rating AA-(Pefindo) AA-(Pefindo)
Total 521,415,000,000 521,415,000,000
Unamortized discounts (2,548,747,598) (1,847,351,321)
Total Outstanding 518,866,252,402 519,567,648,679
Total Interest expense 18,536,303,250 42,234,615,000
Shelf Registered Public Offering Rupiah Bond IV Phase III Year 2022 Tranche C with Interest Rate of 9.00% due on 26 Juli 2029
Bond rating AA-(Pefindo) AA-(Pefindo)
Total 586,270,000,000 586,270,000,000
Unamortized discounts (2,865,767,679) (2,327,559,782)
Total Outstanding 583,404,232,321 583,942,440,218
Total Interest expense 23,157,665,000 52,764,300,000
Shelf Registered Public Offering Rupiah Bond V Phase I Year 2023 Tranche A with Interest Rate of 6.95% due on 7 Juli 2026
Bond rating AA-(Pefindo)
Total 150,000,000,000
Unamortized discounts (1,814,518,368)
Total Outstanding 148,185,481,632
Total Interest expense 5,125,625,000
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Outstanding
Securities
Currency: IDR
Indonesia Stock Exchange (IDX)
2019 2020 2021 2022 2023
Shelf Registered Public Offering Rupiah Bond V Phase I Year 2023 Tranche B with Interest Rate of 7.30% due on 7 Juli 2028
Bond rating AA-(Pefindo)
Total 260,000,000,000
Unamortized discounts (3,383,877,640)
Total Outstanding 256,616,122,360
Total Interest expense 9,331,833,333
Shelf Registered Public Offering Rupiah Bond V Phase I Year 2023 Tranche C with Interest Rate of 8.15% due on 7 Juli 2030
Bond rating AA-(Pefindo)
Total 590,000,000,000
Unamortized discounts (7,923,979,000)
Total Outstanding 582,076,021,000
Total Interest expense 23,641,791,667
US Dollar Bonds
Currency: US$
Singapore Stock Exchange (SGX)
2019 2020 2021 2022 2023
US$144a SGX listed bond, coupon 8.50%. Issued in 2017, maturing 17 August 2022
Bond rating B2 (Moodys)/B
(S&P)/B+ (Fitch)
Total 400,000,000
Buyback - REPAID
Unamortized discounts (9,498,331)
Total Outstanding 390,501,669
Total Interest expense 34,000,000
US$144a SGX listed bond, coupon 6.75%. Issued in 2018, maturing 30 January 2025
Bond rating B2 (Moodys)/B B1 (Moodys)/B+ B1 (Moodys)/B+ B1 (Moodys)/B+ B1 (Moodys)/B+
(S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch)
Total 500,000,000 500,000,000 500,000,000 235,398,000 33,297,000
Buyback - - - 264,602,000 466,703,000
Unamortized discounts (17,040,854) (11,616,737) (9,081,969) (3,204,088) (203,777)
Total Outstanding 482,959,146 488,383,263 490,918,031 232,193,912 33,093,223
Total Interest expense 33,750,000 33,468,750 33,750,000 30,995,568 14,145,456
US$144a SGX listed bond, coupon 7.375%. Issued in 2019, maturing 14 May 2026
Bond rating B2 (Moodys)/B B1 (Moodys)/B+ B1 (Moodys)/B+ B1 (Moodys)/B+ B1 (Moodys)/B+
(S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch)
Total 650,000,000 650,000,000 650,000,000 533,606,000 473,758,000
Buyback - - - 116,394,000 176,242,000
Unamortized discounts (17,579,129) (14,056,372) (11,862,173) (6,983,649) (5,037,353)
Total Outstanding 632,420,871 635,943,628 638,137,827 526,622,351 468,720,647
Total Interest expense 30,227,257 47,671,181 47,937,500 42,975,117 39,218,276
76 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Currency: US$
Singapore Stock Exchange (SGX)
2019 2020 2021 2022 2023
US$144a SGX listed bond, coupon 6.375%. Issued in 2020, maturing 30 January 2027
Bond rating B1 (Moodys)/B+ B1 (Moodys)/B+ B1 (Moodys)/B+ B1 (Moodys)/B+
(S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch)
Total 650,000,000 650,000,000 590,095,000 508,397,000
Buyback - - 59,905,000 141,603,000
Unamortized discounts (24,600,887) (20,915,321) (16,216,889) (11,035,005)
Total Outstanding 625,399,113 629,084,679 573,878,111 497,361,995
Total Interest expense 37,984,375 41,437,500 39,242,120 36,610,960
US$144a SGX listed bond, coupon 6.95%. Issued in 2021, maturing 12 November 2028
Bond rating B1 (Moodys)/B+ B1 (Moodys)/B+ B1 (Moodys)/B+
(S&P)/B+ (Fitch) (S&P)/B+ (Fitch) (S&P)/B+ (Fitch)
Total 400,000,000 384,800,000 299,417,000
Buyback - 15,200,000 100,583,000
Unamortized discounts (18,679,223) (17,548,405) (10,466,659)
Total Outstanding 381,320,777 367,251,595 288,950,341
Total Interest expense 3,706,667 27,721,697 25,990,023
US$144a SGX listed bond, coupon 8.96%. Issued in 2023, maturing 27 April 2029
Bond rating B1 (Moodys)/B+
(S&P)/B+ (Fitch)
Total 500,000,000
Buyback -
Unamortized discounts (19,736,601)
Total Outstanding 480,263,399
Total Interest expense 7,964,444
2023 Annual Report PT Medco Energi Internasional Tbk 77
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Outstanding
Securities
Medco Power Indonesia Bonds
Currency: IDR
Indonesia Stock Exchange (IDX)
2019 2020 2021 2022 2023
Shelf Registered Public Offering Rupiah Bond I Year 2018 Tranche B with Interest Rate of 10.25% due on 4 July 2023
Bond rating A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo)
Total 63,000,000,000 63,000,000,000 63,000,000,000 63,000,000,000
Unamortized discounts (456,615,186) (345,871,703) (222,931,774) (86,452,176) REPAID
Total Outstanding 62,543,384,814 62,654,128,297 62,777,068,226 62,913,547,824
Total Interest expense 6,457,500,000 6,457,500,000 6,457,500,000 6,457,500,000
Shelf Registered Public Offering Rupiah Bond I Year 2018 Tranche C with Interest Rate of 10.75% due on 4 July 2025
Bond rating A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo)
Total 258,000,000,000 258,000,000,000 258,000,000,000 258,000,000,000 258,000,000,000
Unamortized discounts (2,914,707,315) (2,514,804,170) (2,068,528,110) (1,570,501,721) (1,014,724,014)
Total Outstanding 255,085,292,685 255,485,195,830 255,931,471,890 256,429,498,279 256,985,275,986
Total Interest expense 27,735,000,000 27,735,000,000 27,735,000,000 27,735,000,000 27,735,000,000
Rupiah Sukuk Wakalah I Year 2018 Tranche B with Interest Rate of 10.25% due on 4 July 2023
Bond rating A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo)
Total 404,000,000,000 374,000,000,000 374,000,000,000 374,000,000,000
Total of buyback - 30,000,000,000 - -
REPAID
Unamortized discounts (2,928,135,482) (2,053,270,112) (1,323,436,248) (513,224,030)
Total Outstanding 401,071,864,518 371,946,729,888 372,676,563,752 373,486,775,970
Total Interest expense 41,410,000,000 41,341,666,667 38,335,000,000 38,335,000,000
Rupiah Sukuk Wakalah I Year 2018 Tranche C with Interest Rate of 10.75% due on 4 July 2025
Bond rating A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo)
Total 43,000,000,000 43,000,000,000 43,000,000,000 43,000,000,000 43,000,000,000
Unamortized discounts (485,784,553) (419,134,028) (344,754,685) (261,750,287) (169,120,669)
Total Outstanding 42,514,215,447 42,580,865,972 42,655,245,315 42,738,249,713 42,830,879,331
Total Interest expense 4,622,500,000 4,622,500,000 4,622,500,000 4,622,500,000 4,622,500,000
Rupiah Sukuk Wakalah II Year 2019 Tranche B with Interest Rate of 10.55% due on 23 May 2024
Bond rating A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo)
Total 7,000,000,000 7,000,000,000 7,000,000,000 7,000,000,000 7,000,000,000
Unamortized discounts (158,304,565) (128,960,225) (96,154,782) (59,480,005) (18,479,514)
Total Outstanding 6,841,695,435 6,871,039,775 6,903,845,218 6,940,519,995 6,981,520,486
Total Interest expense 455,408,333 738,500,000 738,500,000 738,500,000 738,500,000
78 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Currency: IDR
Indonesia Stock Exchange (IDX)
2019 2020 2021 2022 2023
Rupiah Sukuk Wakalah II Year 2019 Tranche C with Interest Rate of 11.1% due on 23 May 2026
Bond rating A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo) A (Pefindo)
Total 10,300,000,000 10,300,000,000 10,300,000,000 10,300,000,000 10,300,000,000
Unamortized discounts (340,078,795) (302,435,488) (260,086,518) (212,443,649) (158,845,109)
Total Outstanding 9,959,921,205 9,997,564,512 10,039,913,482 10,087,556,351 10,141,154,891
Total Interest expense 705,035,000 1,143,300,000 1,143,300,000 1,143,300,000 1,143,300,000
Rupiah Shelf Registered Sukuk Wakalah I Phase I Year 2022 Tranche A with Interest Rate 8.00% due on 4 August 2025
Bond rating A (Pefindo) A (Pefindo)
Total 280,000,000,000 280,000,000,000
Unamortized discounts (2,336,465,132) (1,491,143,000)
Total Outstanding 277,663,534,868 278,508,857,000
Total Interest expense 9,271,111,111 22,400,000,000
Rupiah Shelf Registered Sukuk Wakalah I Phase I Year 2022 Tranche B with Interest Rate 9.25% due on 4 August 2027
Bond rating A (Pefindo) A (Pefindo)
Total 220,000,000,000 220,000,000,000
Unamortized discounts (3,267,703,236) (2,685,235,664)
Total Outstanding 216,732,296,764 217,314,764,336
Total Interest expense 8,422,638,889 20,350,000,000
Rupiah Shelf Registered Sukuk Wakalah I Phase II Year 2022 Tranche A with Interest Rate 9.00% due on 30 December 2025
Bond rating A (Pefindo) A (Pefindo)
Total 469,690,000,000 469,690,000,000
Unamortized discounts (1,917,509,425) (1,992,861,024)
Total Outstanding 467,772,490,575 467,697,138,976
Total Interest expense 117,422,500 42,272,100,000
Rupiah Shelf Registered Sukuk Wakalah I Phase II Year 2022 Tranche B with Interest Rate 9.50% due on 30 December 2027
Bond rating A (Pefindo) A (Pefindo)
Total 130,310,000,000 130,310,000,000
Unamortized discounts (531,990,575) (1,111,159,395)
Total Outstanding 129,778,009,425 129,198,840,605
Total Interest expense 34,387,361 12,379,450,000
2023 Annual Report PT Medco Energi Internasional Tbk 79
Page 82
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Corporate
Data
Company Name PT Medco Energi Internasional Tbk
Business Activity PT Medco Energi Internasional Tbk (“MedcoEnergi”) is a leading Southeast
Asian energy and natural resources company listed on the Indonesia Stock
Exchange (MEDC-IDX). MedcoEnergi has three key business segments, Oil
& Gas, Power, and Cooper & Gold Mining. MedcoEnergi explores for and
produces oil & gas primarily in Indonesia and is expanding its presence in
Southeast Asia. The Group operates gas, PV, geothermal and hydro power
plants in Indonesia through Medco Power and through a non-consolidated
interest in Amman Mineral Nusa Tenggara operates a large Indonesian
copper and gold mine.
Date of Establishment 9 June 1980
Legal Basis of Establishment Notarial deed No. 19 before Imas Fatimah, S.H., dated 9 June 1980. The
deed of establishment was approved by the Ministry of Justice of the
Republic of Indonesia in its decision letter No. Y.A.5/192/4 dated 7 April 1981
and was published in State Gazette No. 102, Supplement No. 1020 dated 22
December 1981.
Share Ownership PT Medco Daya Abadi Lestari : 51.50%
Diamond Bridge Pte. Ltd. : 21.46%
Public : 27.04%
Authorized Capital 55,000,000,000 shares
Issued and Fully Paid Up Capital 25,136,231,252 shares
Listing Date 12 October 1994
Exchange • Indonesia Stock Exchange (MEDC-IDX)
• Singapore Stock Exchange (SGX, USD Bonds)
Company Address The Energy Building 53rd Floor, SCBD lot 11A,
Jl. Jenderal Sudirman, Jakarta 12190.
Corporate Secretary Siendy K. Wisandana
Phone : +62-21 2995 3000
Facsimile : +62-21 2995 3001
E-mail : corporate.secretary@medcoenergi.com
Website www.medcoenergi.com
In compliance with OJK Regulation No.8/POJK.04/2015 regarding Public
Company website.
80 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Company Offices and
Supporting Institutions
COMPANY OFFICES
PT Medco Energi Medco Energi Thailand
Q House Lumpini,
Medco Yemen Holding
Of Faj-Attan St., Bait Salami,
Internasional Tbk Building 28th Floor, Unit 2802 Hadda Area
No.1 South Sathorn Road, Sathorn Near Safer E&P (SEPOC)
The Energy Buiding 53rd Floor, SCBD Lot 11A Bangkok 10120, Thailand P.O. Box 16609
Jl. Jenderal Sudirman Kav. 52-53 Sana’a - Republic of Yemen
Jakarta 12190, Indonesia Medco International Ventures
Limited PT Medco Power Indonesia
Medco Energi Global Pte Ltd Hay Alandalous, Ebn Sragha St. The Energy, 8th Floor, SCBD Lot 11A
12 Marina Boulevard, #18-01A, Near Tadamen Traffic light Jl. Jenderal Sudirman Kav. 52-53
Marina Bay Financial Centre Tower 3, P.O. Box 91350 Tripoli – Libya Jakarta 12190, Indonesia
Singapore 018982
Medco LLC Oman PT Amman Mineral Nusa Tenggara
Bait Al Reem 1st Floor Building #81. The Energy, 28th Floor, SCBD Lot 11A
Block #234, Way #3409 Jl. Jenderal Sudirman Kav. 52-53
Ath-Thaqafah Al Wizaraath Jakarta 12190, Indonesia
Street Al Khuwair, Muscat Sultanate of
Oman 133 Oman
SUPPORTING INSTITUTIONS
Stock Exchange Listing Indonesian Central Rating Agencies
Bursa Efek Indonesia
Securities Depository
PT Pemeringkat Efek
Stock Exchange Building Tower 1 (KSEI) Indonesia (PEFINDO)
Jl. Jenderal Sudirman Kav. 52-53 Setiabudi Atrium 8th Floor,
Jakarta 12190, Indonesia PT Kustodian Sentral Efek Indonesia Suite 809-810
Tel: +62-21 0800 100 9000 Indonesia Stock Exchange Building Jl. H.R. Rasuna Said Kav. 62
Tower I, 5th Floor Jakarta 12920, Indonesia
Singapore Exhange Securities Jl. Jenderal Sudirman Kav. 52-53 Tel: +62-21 521 0077
Trading Limited Jakarta 12190, Indonesia
11 North Buona Vista Drive, #06-07 Tel: +62-21 515 2855 Moody’s Investors Service Singapore
The Metropolis Tower 2 Pte. Ltd.
Singapore 138589 Public Accounting Firm 50 Raffles Place #23-06
Tel: +65 6236 8888 Singapore Land Tower
Purwantono, Sungkoro & Surja Singapore 048623
Share Registrar (member of Ernst & Young Global Tel: +65 6398 8300
Limited)
PT Sinartama Gunita Indonesia Stock Exchange Building Fitch Ratings Singapore Pte Ltd.
Menara Tekno Lantai 7 Tower II, 7th Floor One Raffles Quay
Jl. Fachrudin No. 19, RT 01/RW 07 Jl. Jenderal Sudirman Kav. 52-53 South Tower #22-11
Kelurahan Kampung Bali, Kecamatan Jakarta 12190, Indonesia Singapore 048583
Tanah Abang Tel: +62-21 5289 5000 Tel: +65 6796 7200
Jakarta Pusat 10250
Indonesia S&P Global Ratings
Tel: +62-21 392 2332 (Hunting) Singapore Pte. Ltd.
Fax: +62-21 392 3003 12 Marina Boulevard #23-01
Marina Bay
Financial Centre Tower 3
Singapore 018982
Tel: +65 6530 6401
2023 Annual Report PT Medco Energi Internasional Tbk 81
Page 84
Sustainability 83 Sustainability 85 Sustainability Policy 85 2023 Achievements 87 Community Development Highlights
Page 85
05
Page 86
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Sustainability
This chapter provides an overview of MedcoEnergi’s materiality assessment. The 2023 goals we did not achieve
Sustainability Policy as well as our initiatives and will be prioritized for completion in 2024.
accomplishments for 2023. The information here is
supplemented by the MedcoEnergi Sustainability Report, In 2022, we completed our corporate-level human rights
which goes into further detail on our environmental, assessment, following which we developed our Human
social, and governance (ESG) performance and tracks our Rights Policy in 2023 and was issued in early 2024. This Policy
progress on climate actions and other KPIs and goals. The builds on our existing human rights–related policies and best
Sustainability Report is accessible on our website: practices and combines them into one corporate policy.
www.medcoenergi.com. Developing this policy involved extensive consultations with
representatives from both external and internal stakeholders,
MedcoEnergi’s Sustainability Policy has three pillars: including representatives from our Oil & Gas and Power
Leadership of and by Our Employees, Environmental and assets, division’s leaders and labor unions to ensure we
Social Development, and Local Community Empowerment. considered a comprehensive range of perspectives.
The policy was established in 2018 following extensive,
inclusive stakeholder consultations.
In 2023 we continued our engagement with Business for
As a leading sustainable energy and natural resources Social Responsibility and other international and national
company, we are committed to contributing to sustainable sustainability-related organizations, such as the Global
development and to reducing our carbon footprint, Reporting Initiative (GRI) and the Indonesia Business Council
supporting the ambitions set by countries in which we for Sustainable Development. We actively contributed
operate. Our Corporate climate aspirations are in line with to sustainability initiatives, such as providing feedback to
Indonesia’s Nationally Determined Contribution (NDC). the Government of Indonesia – through the Indonesian
Indonesia is transforming the mix of its primary energy Petroleum Association and Indonesian Renewable Energy
sources and has determined that gas will be the transition Society – on emerging regulations related to climate change.
fuel to low carbon energy. As further testament to MedcoEnergi’s active contributions,
Hilmi Panigoro, our President Director, was recognized as
Following the issue of our Climate Change Strategy in 2021 the best leader of sustainability initiatives in the Oil & Gas
we established interim 2025 and 2030 targets for our Oil & industry in Indonesia by the Society of Indonesian Energy
Gas and Power business units. These targets are milestones and Mining Editors, a prominent organization consisting of
on our journey to achieving net zero emissions. We continued senior editors from reputable national media outlets focused
to map initiatives and set and implemented action plans on energy and mining sectors. The award recognizes his
to keep us on track to achieve our commitments. We are outstanding contributions to driving sustainable practices
intensifying our efforts to meet the growing regional demand within MedcoEnergi.
for energy, while simultaneously reducing and reporting our
carbon emissions and securing opportunities to accelerate In December 2023, we also established a memorandum of
energy transition. understanding with KADIN Net Zero Hub, an initiative of
KADIN, the Indonesian Chamber of Commerce and Industry.
In 2022, we conducted a double materiality assessment KADIN Net Zero Hub partners with other stakeholders in the
to update our priority issues. Climate change and energy global net zero movement, including the World Wide Fund
transition now dominate the material issues, while local for Nature and the United Nations Development Programme.
communities, policy and the regulatory environment, and Through the Hub, members share best practices on their
anti-corruption and business ethics remain priority topics. journey to net zero emissions. The full list of MedcoEnergi’s
stakeholder groups and the engagement and support we
Following this 2022 assessment we established new five- provide is available in our Sustainability Report.
year sustainability KPIs and targets, and a 2023-2027
sustainability roadmap. The KPIs and targets form the basis We welcome our responsibilities towards stakeholders and
of our action plans, which are detailed in our Sustainability will remain diligent and transparent in our reporting. We have
Report. Each quarter we monitor our progress towards these disclosed climate-related data through the CDP* reporting
KPIs and targets. By the end of 2023 we had achieved 86% of platform and have aligned our climate reporting with TCFD
our 2023 sustainability goals and KPIs derived from the 2022 recommendations.
* Formerly the Carbon Disclosure Project, CDP is an international non-profit organisation that helps companies and cities disclose their environmental impact (www.cdp.net).
84 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
In 2023 our Sustainalytics ESG risk rating score improved Local Community Empowerment
to 29.6 (medium risk) from 36.7 (high risk), our MSCI ESG MedcoEnergi endeavours to be a leading company in social
rating was confirmed at A and our CDP climate change score practices and responsibility wherever we operate. We engage
maintained at B. regularly, openly and honestly with our stakeholders to share,
hear and understand each party’s views and concerns, and to
We improved the quality of disclosure in our sustainability respond as appropriate. We respond by making community
reporting by continuing to increase the number of GRI investment decisions in a strategic, fair and transparent
performance indicators disclosed and assured by Ernst & manner as we seek to empower and support the creation
Young year-on-year. of self-reliant communities aligned with the UN Sustainable
Development Goals.
Number of GRI Indicators
Year
Assured 2023 Achievements
2023 96 indicators
ESG Rating
2022 93 indicators
• Sustainalytics score improved to 29.6 from 36.7.
2021 86 indicators • MSCI ESG rating maintained at A.
2020 75 indicators • CDP climate change score maintained at B.
2019 63 indicators
Governance
2018 55 indicators
• Climate change risk assessment: completed quantitative
2017 31 indicators physical risk assessment for Block A Aceh and JOB
Tomori and in progress for quantitative transition risk
Sustainability Policy assessment.
Our sustainability policy comprises three pillars: • MedcoEnergi standalone Human Rights Policy
established.
Leadership of and by Our Employees • ISO 37001 certification obtained for Corridor.
Our people are our most valuable asset. They are the keystone
of our operations and our future success. Therefore, we must People
recruit diverse talent from all backgrounds who possess • Conducted a 2023 Employee Engagement Survey with a
the right skillsets and ethical values. We are committed 92% response rate by employees.
to maintaining a healthy and safe workplace built upon a • Facilitated sustainability and climate change capability
culture of mutual respect. To be successful we will develop building with assets and functions through face-to-face
the capacity of all of our employees while recognizing and and online learning.
rewarding individual performance and expecting personal • Strengthened the implementation of our Medco
accountability. All levels of our management are expected to Leadership Behaviour.
set clear directions towards our expectations.
Environmental and Social Development
Environmental and Social Development We have implemented 41 initiatives throughout 2023 to
As a responsible corporate citizen, we are committed to reduce GHG emissions, resulting in an emissions reductions
complying with all applicable laws and regulations, and aligning of up to 147,963 tCO2e/year. Additionally, a one-time
our health, safety and environmental management with reduction of 94,860 tCO2e was achieved in 2023. Methane
industry best practices and relevant international standards. emissions of up to 1,409 tCO2e/year were also reduced,
We regularly set and monitor our goals and performance to along with a one-time reduction of 8,084 tCO2e from well
achieve zero injuries, illnesses and environmental incidents clean-up and testing activities in 2023.
and the reduction of waste and emissions.
In 2023, we achieved our interim 2025 targets to reduce oil
We seek to continually strengthen our operational excellence & gas emissions, two years ahead of plan. Our 2023 oil & gas
by enhancing our safety culture, stakeholder engagement, Scope 1 and 2 GHG emissions were 22% below our 2019 base
environmental stewardship and the adoption and year, ahead of the 20% target and 2023 methane emissions
development of best practices. were 40% below 2019, ahead of the 25% reduction target.
This is encouraging and a milestone to celebrate, however we
We are committed to complying with all applicable laws and understand the challenge of maintaining this achievement
regulations, to respecting human rights in line with the UN given the nature of our business. We are on track to achieve
Guiding Principles for Business and Human Rights and the our 2030 interim targets to further reduce both Scope 1 and
Voluntary Principles on Security and Human Rights, and 2 and methane emissions and on our trajectory to achieve
to learning from and applying industry best practices and net zero.
relevant international standards.
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Sustainability
We contributed to the formulation of key government mitigation efforts, capacity building workshops, and the use
regulations and Indonesian National Standard (SNI) on of an Integrated Dashboard. Additionally, our meticulous
carbon capture and storage (CCS) and carbon capture, SMS Monitoring process was instrumental to identify and
utilization and storage (CCUS) by providing feedback improve key social issues, which in turn enabled us to improve
through the Indonesia Petroleum Association and via direct our social performance.
participation in Indonesian government task forces. We
also undergo studies on CCS at South Natuna Sea Block B, Local Community Empowerment
Gelam Field in Corridor Block and Arung Nowera Gas Field Continued to empower local communities and journalists
Development in South Sumatra Block. through capability building, local economic development,
women’s empowerment, educational support programs and
Renewable development progressed at our Bali Solar PV, Ijen youth development programs.
Geothermal and Pulau Bulan Solar PV projects.
Health and Safety
We also enhanced our Social Management System (SMS) Safety Performance: Zero Lost Time Incident (LTI) and
implementation through awareness campaigns, documented Process Safety Event (PSE) Tier-1, lower Total Recordable
commitments to social policies, risk identification and Incident Rate (TRIR): 0.15 (0.21 in 2022).
Inspection check at Lematang, South Sumatra
Benchmarking Safety Performance
Oil & Gas, and Power: Total Recordable Incident Rate* 2016–2023
1.40
1.20
0.96 0.99
1.00 0.92 0.90
0.77
0.80 0.75 0.72 0.70
0.69
0.70 0.60 0.77
0.58 0.59
0.60 0.56 0.48
0.69
0.58
0.44
0.40 0.39
0.35 0.33 0.33 0.33
0.31 0.29
0.24
0.21
0.20 0.15 0.18
0.00 0.00 0.00
0.00
2017 2018 2019 2020 2021 2022 2023
Medco Consolidated Medco Oil & Gas Medco Power IOGP Asia/Australasia IOGP Overall
* The number of recordable injuries (fatalities + lost workday cases + restricted workday cases + medical treatment cases) per million hours worked.
Source for benchmarking: Data Series International Association of Oil & Gas Producers (IOGP) Safety performance indicators - 2022 data, issued in
June 2023. Workforce includes employees and contractors.
86 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Community Development
Highlights
Building a Brighter Future Together
MedcoEnergi is dedicated to fostering positive impacts beyond its core business activity. This commitment is reflected in
our robust community development programs, which fall under five key pillars: health, education, environment, economy
and infrastructure. Through collaboration with local stakeholders, we empower individuals, strengthen communities and help
create a sustainable future for all.
Health
Investing in Community Education and Combating Stunting in Sumatra and Java Islands
Well-being MedcoEnergi is committed to combating stunting in
Indonesia, which has one of the highest rates in the world,
supporting the national anti-stunting program by the
Women and Children Empowerment Center in East government of Indonesia. Our programs to prevent and
Aceh handle stunting targets communities in Aceh, Riau Islands,
The Women and Children Empowerment Center (Rumah South Sumatra and East Java. Through partnerships with
Pemberdayaan Ibu dan Anak) we support in East Aceh is just local health authorities, we implement a multipronged
one example of our commitment to improve education and approach. This includes improved healthcare services with
community’s well-being. This collaborative effort between health screenings, the provision of clean water and nutritious
Employees in Medco E&P Malaka and the Medco Foundation meals, and advice on healthy eating.
offers a range of programs, including in education and literacy,
healthcare and economic empowerment, as well as cultural We also support awareness campaigns and counseling
activities such as traditional Acehnese dance and making for pregnant women and health workers, emphasizing
handicrafts from recycled material. In 2023, the Community the importance of proper nutrition to prevent stunting.
Learning Center for Women and Children welcomed 20,000 This comprehensive approach is designed to support
people, fostering a more vibrant community. communities, improve public awareness around stunting and
health, and support a brighter future for children.
Rumah Pemberdayaan Ibu & Anak, Empowering Communities through Health, Education, and Culture
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Sustainability
Environment
Building a Sustainable Future We provide farmers with training and assistance in integrated
organic farming, in this case combining aquaculture with the
Empowering Tarakan Communities: Tarakan Climate organic farming. This not only diversifies food resources but
Village Program also optimizes land use. The training also aims to reduce
The Tarakan Climate Village Program, also known as Kampung farmers’ reliance on chemical inputs; we have provided a leaf
Iklim (Proklim), empowers residents of Mamburungan chopper machine capable to produce compost.
Village, Tarakan to adapt to climate change and improve their
livelihoods. This initiative aligns with a nationwide program Beyond these core areas, the Company has provided
overseen by the Ministry of Environment and Forestry Mamburungan with a spring water storage tank and the
(MoEF). infrastructure to process animal manure into compost and
organic fertilizer.
Economy
Improving Community Housing in the lives of families in East Aceh by providing them with
safe and healthy living environments.
MedcoEnergi is committed to creating a positive impact on
the communities where we operate. One way we achieve
this is through initiatives to ameliorate community housing. Multifaceted Approach in Mauk
These initiatives involve collaboration with local stakeholders In Mauk, Tangerang Banten, the Medco Foundation, in
to improve substandard and unsanitary housing and enhance collaboration with Habitat for Humanity, a globally recognized
the overall well-being of residents. non-profit organization that helps families build and improve
places to call home, spearheaded a project to improve housing
Transforming Lives in Aceh for the community. In 2023, 170 MedcoEnergi employee
Since 2018, MedcoEnergi has partnered with local volunteers renovated 10 homes. We also supported free
stakeholders in Aceh to renovate 31 houses across four medical services for 100 individuals, distributed staple food to
districts. These renovations have made a tangible difference 400 families and provided clean water and advice on nutrition.
MedcoEnergi Volunteers Work Together to Enhance Housing Conditions in Mauk
88 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Education
Women and Community Empowerment in IDR 3.2 million, also boosting the earnings of local cassava
Local Economic Development farmers. We are also assisting Keripik Anggun with strategic
planning and exploring online platforms to expand its reach
Local Business Development Program: We recognize the nationally.
importance of fostering local businesses and entrepreneurs.
This program provides vital support and guidance to women- Dua Saudara (East Java): We supported Dua Saudara, a
owned businesses and village-owned enterprises (BUMDes) similar project in Gedugan Village, Sumenep Regency. Dua
in South Sumatra, East Java and Kalimantan. From enhancing Saudara is a small business specializing in cassava- and
product development to exploring online marketplaces banana-based products. Through the program we provided
and platforms, the program empowers local women-led the tools and resources necessary for Dua Saudara to
businesses to grow and contribute to the economic well- achieve sustainable production and operate independently,
being of their communities. Business like Keripik Anggun an contributing to the local economy.
enterprise making cassava crisp products in South Sumatra,
showcase the program’s successes. BUMDes (Kalimantan): The program extended its reach
to village-owned enterprises (BUMDes) in Bangkanai,
Keripik Anggun (South Sumatra): Support from our Kalimantan. We supported training and assistance to help
program helped Keripik Anggun enhance its product line, BUMDes members enhance their management skills and
leading to a sharp increase in demand, thereby boosting improve their business productivity.
income. Today, Keripik Anggun’s daily revenue can reach
Keripik Anggun, Contributing to the Economic Well-Being of the Community
2023 Annual Report PT Medco Energi Internasional Tbk 89
Page 92
Corporate
Governance
92 Principles 112 Corporate Audit and Integrity Compliance
92 General Meeting of Shareholders 115 Anti-Corruption
95 Board of Commissioners 116 Whistleblowing Systems
98 Board of Directors 117 Employees and Management Shares
Ownership Program
102 Good Corporate Governance Committee
119 Material Transactions
103 Audit Committee
120 Independent Accountant
106 Nomination and Remuneration Committee
121 Board of Commissioners &
108 Sustainability & Risk Management Board of Directors Statement
109 Sustainability & Risk Management
Committee
110 MedcoEnergi Code of Conduct
111 Corporate Secretary
Page 93
06
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Corporate
Governance
PRINCIPLES
MedcoEnergi applies the Good Corporate Governance (GCG) principles of Transparency, Accountability, Responsibility,
Independence, and Fairness. These are embedded in the Company’s Articles of Association, GCG Implementation Guidelines,
and Code of Conduct1.
Our GCG structure has a segregation of duties between the General Meeting of Shareholders, the Board of Commissioners
(BOC) and the Board of Directors (BOD). The BOC supervises the BOD with the support of four committees: the Audit
Committee, the Nomination & Remuneration Committee, the Sustainability & Risk Management Committee and the GCG
Committee.
Corporate Governance Structure Relation Between GCG & CoC
Shareholders
Vision, Mission and
Corporate Values
Board of Commissioners
Accountability
Delegation
Sustainability & Risk Corporate Governance Code of Conduct
Audit Committee
Management Committee
Manage Organization Manage Employee
Nomination & Business Conduct Business Conduct
GCG Committee
Remuneration Committee
Board of Directors Business Ethic and Work Ethic
GENERAL MEETING OF SHAREHOLDERS
The highest authority in the Company resides with the shareholders. This authority is exercised through the Annual General
Meeting of Shareholders (AGMS) and, when necessary, through Extraordinary General Meetings of Shareholders (EGMS).
AGMS are the primary forum for shareholders to direct the course of the Company, while EGMS are held on matters deemed
essential by shareholders or management.
In 2023, the Company held its AGMS on Wednesday, May 31 at the Soehanna Hall, The Energy Building in Jakarta. Present
at the meeting were holders of 21,017,855,140 (twenty one billion seventeen million eight hundred fifty-five thousand one
hundred forty) shares, representing 83.9% (eighty-three point nine) of the 25,136,231,252 shares issued by the Company, after
deduction of treasury shares of 85,748,255 (eighty five million seven hundred forty eight thousand two hundred fifty five).
Vote Counting
The Company was assisted by the notary office of Mrs. Leolin Jayayanti, S.H., M.Kn. Notary to count votes and take minutes
at the AGMS.
1 As stipulated in Law No. 8 dated 10 November 1995 regarding Capital Markets; Law No. 40 of 2007 dated 16 August 2007 regarding Limited Liability Companies; Regulation of the Financial Services Authority
(POJK) No. 21/POJK.04/2015 dated 16 November 2015 regarding the Implementation of Corporate Governance Guidelines in Public Companies; Circular Letter of the Financial Services Authority (SEOJK) No.
32/SEOJK.04/2015 dated 17 November 2015 regarding Corporate Governance Guidelines of Public Companies; POJK No. 29/POJK.04/2016 dated 29 July 2016 regarding Annual Reports of Issuers or Public
Companies; SEOJK No. 30/SEOJK.04/2016 regarding Format and Contents of Annual Reports of Issuers or Public Companies
92 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
AGMS Decisions and Actions
The table below shows the decisions taken at the AGMS and the actions taken in response.
Decisions of the AGMS May 31, 2023 Action Taken
1 Receive and approve the report of Board of Directors and the report of the Board of Commissioners Approved and ratified at the
regarding the Company’s activities carried out for the financial year ending December 31, 2022 (“Annual AGMS.
Report”) as well as the ratification of the profit and loss and balance sheet (“Financial Statements”)
for the financial year ended December 31, 2022 which has been audited by the Public Accounting Firm
PURWANTONO, SUNGKORO & SURJA as evidenced from its letter No . 00481/2.1032/AU.1/02/0696-1/1/
III/2023 dated March 31, 2022, with the opinion “FAIR WITHOUT EXCEPTIONS”. Also to released (acquit
et de charge) the members of the Board of Directors and Board of Commissioners of the Company from
their responsibilities for the management and supervision of the Company during the relevant financial
year.
2 Approved the utilization of the Net Profit attributed to the Shareholders of the Company for the financial Approved the utilization of Net
year ended December 31, 2023 US$530,882,675 (five hundred thirty million eight hundred eighty two Profit for dividend and retained
thousand six hundred seventy five United States Dollar) with the following details: earnings.
- Allocated as mandatory reserves Rp59,032,127,260 (fifty nine billion thirty two million one hundred Ratified the cash dividend
twenty seven thousand two hundred sixty Rupiah), so that the mandatory reserves becomes interim of US$25,000,000 paid
Rp125,681,156,260 (one hundred twenty five billion six hundred eighty one million one hundred fifty six on 8 September 2022.
thousand two hundred sixty Rupiah). Such amount shall be recorded in United States Dollars with the
exchange rate using Jakarta Interbank Spot Dollar Rate issued by the Bank Indonesia on the date of the
AGMS.
- Distributed a cash dividend of US$65,000,000 (sixty five million United States Dollar) including the The cash dividend of
interim cash dividend of US$25,000,000 (twenty five million United States Dollar) or equivalent US$40,000,000 was distributed
to US$0.001 (zero comma zero zero one) per share distributed to shareholders on September 8, to shareholders on 30 June
2022. Therefore, the remaining cash dividend to be distributed after the approval of the AGMS is 2023.
US$40,000,000 (forty million United States Dollar), with the total issued and paid-up capital (excluding
treasury shares) of 25,050,482,997 (twenty five billion fifty million four hundred eighty two thousand
nine hundred ninety seven) shares or equivalent to US$0.0016 (zero point zero zero one six United
States Dollar) per share.
The dividend will be paid in Rupiah denomination with the exchange rate using Jakarta Interbank Spot
Dollar Rate issued by the Bank Indonesia on the recording date.
- Recorded the remaining net profit of 2022 of US$461,939,050 (four hundred sixty-one million nine The remaining Net Profit
hundred thirty nine thousand fifty United States Dollar) as retained earnings. attributed to the Shareholders of
US$461,939,050 (four hundred
sixty-one million nine hundred
thirty nine thousand fifty United
States Dollar) recorded as
retained earnings.
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Corporate
Governance
Decisions of the AGMS May 31, 2023 Action Taken
3 I. Approved the appointment of Purwantono, Sungkoro & Surja, a public accounting firm registered with The appointment of public
the Financial Services Authority (Otoritas Jasa Keuangan – OJK), to audit the balance sheet, profit accountant, Purwantono,
and loss calculation and other parts of the consolidated financial statements of the Company and its Sungkoro & Surja was made
subsidiaries for the year ending December 31, 2023. through a letter of agreement
No. 0245/PSS/10/2023 dated
II. Approved the Delegation of authority to the BOC to: October 16, 2023. The total fee
a. Determine the fee amount of the public accountant. for the audit of the Consolidated
b. Appoint a substitute public accountant and determine the reasonable conditions and requirements Financial Statements of 2023
for the appointment of the substitute public accountant if the public accountant originally appointed was Rp28.4 billion.
by the AGMS were unable to carry out or continue its duties for any reason, including legal reasons
and laws and regulations in the capital market sector or if agreement was not reached on the fee
amount.
4 I. Approved compensation for the BOC and the BOD for 2023 (including tax) effective from January 1, The Company distributed the
2023 to December 31, 2023 at the maximum of US$25.7 million, including payment in the form of stock bonuses, salaries and allowances
share of the Company in the amount of 15,278,990 (fifteen million two hundred seventy eight thousand for members of the BOC and
nine hundred ninety) shares and ratified the payment of salaries and benefits paid to the BOC and the BOD in 2023 amounting to
BOD from January 2023 to May 2023. US$25.6 million (including taxes).
This included compensation
II. Approved the authorization to the BOC to determine the policy for distributing bonuses, salaries and in the form of shares of the
allowances to each member of the BOC and the BOD, including the determination of other forms of Company equivalent to
benefits to be given to the BOD of the Company. 15,613,100 (fifteen million six
hundred thirteen thousand one
hundred) shares.
5 I. Approved the buy back of the Company’s shares issued and listed at the Indonesia Stock Exchange As of December 31, 2023,
in the maximum of 100,000,000 (one hundred million) shares or equivalent to 0.398% of the issued the Company bought back
and paid-up capital and to be implemented in accordance with the Financial Services Regulation 65,250,100 shares with the total
POJK No. 30/POJK.04/2017. cost of US$3,969,342. The
Company will continue to buy
II. Authorized the BOD to implement any action related to the buy back of the Company’s shares. back the shares in 2024.
6 I. Approved the transfer of shares resulting from the buyback by implementing a share ownership program Approved and ratified at the
by employees and/or Directors and Board of Commissioners of the Company, Subsidiaries and affiliated AGMS.
companies of the Company.
II. Approved and authorized with substitution rights, either in part or in whole, to the Board of Directors Approved and ratified at the
of the Company to carry out all necessary actions in connection with the re-transfer of shares resulting AGMS.
from the buyback by implementing a share ownership program by employees and/or the Directors and
Board of Commissioners of the Company, the Company subsidiaries and affiliated companies of the
company.
7 I. Approved the amendment to Article 3 of the Company's Articles of Association concerning the Approved and ratified at the
purposes and objectives of the Company in accordance with the 2020 Indonesian Business Field AGMS.
Standard Classification (Indonesia KBLI) with the choice of KBLI 64200 (Holding Company Activities)
and 70209 (Other Management Consulting Activities) and Article 17 paragraph (7) of the Company's
Articles of Association regarding the announcement of the profit/loss balance sheet in newspapers and
amended and restated the Company's Articles of Association in connection with these changes.
II. Ratified the deposit made by the shareholders of the Company based on the Deed of Establishment of Approved and ratified at the
the Company as stated in the Deed of Establishment No. 19 dated 9 June 1980, as amended by Deed of AGMS.
Amendment No. 29 dated 25 August 1980 and Deed of Amendment No. 2 dated March 2, 1981, all three
of which were made before Imas Fatimah, S.H., Notary in Jakarta.
III. Approved the authorization to the Board of Directors of the Company to make amendments and Approved and ratified at the
restatements to the provisions of the Company's Articles of Association, make or order to make and AGMS.
sign the necessary deeds and letters or documents, then to submit requests for approval and/or
submit notifications on the decisions of this Agenda and/or amendments to the Company's Articles
of Association in the decisions of this Agenda, to the competent authority, and to take all and any
necessary actions, in accordance with the applicable laws and regulations and for such purposes have
the right to appear before a Notary or to whoever is deemed necessary, provides and/or requests the
necessary information, makes or requests to make and sign the necessary deeds, letters and documents
including granting substitution power to the Board of Directors of the Company to restate the deed of
amendment to the Company's Articles of Association as required by the competent authority, in short
to take all actions deemed necessary and useful for the purposes mentioned above, no one is exempt.
94 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
BOARD OF COMMISSIONERS
The BOC consists of three (3) members. In accordance with the Company Law, BOC Charter, Articles of Association and
Financial Services Authority Regulation, 30% of the total number of BOC members shall be independent. Therefore, one (1)
member of the BOC was independent commissioner. The current BOC members of the Company are as follows:
Position Name
President Commissioner Yani Y. Panigoro
Commissioner Yaser R. A. Panigoro
Independent Commissioner Marsillam Simandjuntak
Duties and Responsibilities
The BOC supervises the BOD and provides advice pursuant to the Articles of Association. The BOC supervises risk management
and internal control within MedcoEnergi and ensures that GCG is implemented in an appropriate manner. The BOC is also
tasked with chairing the AGMS, monitoring internal and external audits, the supervision of risk management, performance
evaluations of the BOC and the BOD and the provision of recommendations towards determining the remuneration of the
BOC and BOD. To implement its duties effectively, the BOC has the support of the Audit Committee, the Sustainability & Risk
Management Committee, the GCG Committee and the Nomination & Remuneration Committee.
Name Title Duties and Responsibilities
Yani Y. Panigoro President • Together with other Commissioners, supervise and provide advice to the BOD to aid it in carrying
Commissioner out its duties and responsibilities in managing the Company
• Chair the Sustainability & Risk Management Committee
• Member of the Nomination & Remuneration Committee and GCG Committee
• Chair meetings of the BOC, as well as the Joint BOC & BOD meetings
Yaser R. A. Panigoro Commissioner • Together with other Commissioners, supervise and provide advice to the BOD to aid it in carrying
out its duties and responsibilities in managing the Company
• Member of the Sustainability & Risk Management Committee, the Nomination & Remuneration
Committee and the GCG Committee
Marsillam Simandjuntak Independent • Together with other Commissioners, supervise and provide advice to the BOD to aid it in carrying
Commissioner out its duties and responsibilities in managing the Company
• Chair the Audit Committee, the Nomination & Remuneration Committee and the GCG Committee
• Member of the Sustainability & Risk Management Committee
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Corporate
Governance
BOC Charter
This guideline forms part of the GCG Guidelines and Code of Ethics for the BOC and BOD.
Meetings
In accordance with the Articles of Association and the GCG Guidelines, the BOC is required to meet at least every quarter
and also to hold joint meetings of the BOC and BOD every quarter. The Commissioners are required to attend every General
Meeting of Shareholders.
In 2023, five BOC meetings were held. These meetings were held concurrently with joint BOC and BOD meetings. All meetings
adopted a hybrid format, allowing for both physical and virtual participation.
Commissioners’ Attendance at Meetings
AGMS
Name BOC Meeting Meeting of BOC with BOD
May 31, 2023
Yani Y. Panigoro 100% 100% Present
Yaser R. A. Panigoro 100% 100% Present
Marsillam Simandjuntak 100% 100% Present
Competency Improvement for the Board of Commissioners
MedcoEnergi is committed to fostering a highly competent BOC. To achieve this, the Company requires each BOC member
to engage in a range of development activities. These include orientation programs for newly appointed members, joint visits
to operational areas with the BOD, specialized training opportunities, professional association memberships relevant to the
Company’s sector, and participation on external social or academic boards and committees.
In 2023, the BOC actively pursued competency enhancement through operational site visits and continued participation as
members of trustee/ supervisory board of social and/or academic organization outside the Company. Specific examples of
these activities undertaken by BOC members in 2023 will be detailed in the following section:
96 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS
Name Activities
Yani Y. Panigoro · Served as Chair of the Board of Trustee of the Bandung Institute of Technology (2019 – 2024), Bandung, Indonesia
· Member of the Board of Trustee of Indonesia Tuberculosis Eradication Organization (2022 – 2027), Jakarta, Indonesia
· Member of the Board of Trustee of Stop TB Partnership Indonesia (2022 – 2027), Jakarta, Indonesia
· Visited Block B, Natuna, Indonesia, April 3, 2023
· Visited Donggi Senoro LNG Plant and JOB Tomori, Central Sulawesi, Indonesia, April 11, 2023
· Attended the Indonesia Petroleum Association Convention & Exhibition in Ice BSD City, Indonesia, on July 25, 2023
· Attended the Gastech in Singapore on September 5, 2023
· Attended the Pavilion Indonesia at the Conference of Party of the UNFCCC in Dubai on December 30, 2023
Yaser R. A. Panigoro · Member of Advisory Board of the Partnership of Tuberculosis Eradication Forum (2022), Coordinating Ministry for
Human Development and Culture of the Republic of Indonesia, Jakarta, Indonesia
· Served as Chairman of the Board of Trustee of Stop TB Partnership Indonesia (2023 – 2027), Jakarta, Indonesia
Marsillam Simandjuntak · Member of Board of Trustee of the Indonesia Jentera School of Law, Jakarta, Indonesia (2011 - present)
Performance Appraisal of the BOD and BOC
The performance appraisal of the BOD and the BOC and of each Board member is carried out through the quarterly joint BOD
and BOC jointly meetings, and an annual performance assessment conducted after the publication of the annual financial
report. In conducting annual performance assessments, the Nomination & Remuneration Committee measures achievement
against the main performance indicators and team performance contracts. These were approved by the BOC at the joint BOC
and BOD meetings.
Throughout 2023, the Company maintained its focus on measuring performance against the five key areas outlined in the
2023 key performance indicators and team performance contracts. The specific results of those measurements are as follows:
Indicators Target Results
1 HSE and Sustainability 100% 110%
2 Availability and Production of Oil & Gas and Power 100% 100%
3 Company Growth 100% 120%
4 Operational Excellence 100% 100%
5 Financial Performance 100% 100%
Average Results 100% 106%
Nomination & Remuneration Committee plays a critical role in determining appropriate remuneration for the BOC and
BOD. The Committee’s recommendations also consider factors such as Business Development results, individual member
competencies, and alignment with overall company performance. Based on these assessments, the Committee recommends
remuneration packages for each Commissioner and Director to BOC for the further approval of the shareholders at the Annual
General Meeting of Shareholders.
BOC Assessment on Committee Performance
In carrying out its supervisory duties, the BOC is assisted by the Audit Committee, the Sustainability & Risk Management
Committee, the Nomination & Remuneration Committee and the GCG Committee. The BOC evaluates the members of each
committee at the end of each financial year. In carrying out this assessment, the BOC considers committee performance and
the attendance of each member at meetings.
Throughout 2023, all committees worked optimally in assisting the BOC in supervising the Company and by providing
recommendations. In 2023, all members of each committee were present at all meetings to provide opinions and approve the
agendas.
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2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Corporate
Governance
Attendance of Committee Members at Meetings in 2023
Nomination & Sustainability & Risk
Audit Committee GCG Committee
Name Remuneration Committee Management Committee
Title Attendance Role Attendance Role Attendance Role Attendance
Yani Y. Panigoro - - Member 100% Chair 100% Member 100%
Yaser R. A. Panigoro - - Member 100% Member 100% Membe 100%
Marsillam Chair 100% Chair 100% Member 100% Chair 100%
Simandjuntak
Hilmi Panigoro - - - - Member 100% Member 100%
Roberto Lorato - - - - Member 100% Member 100%
Anthony R. Mathias - - - - Member 100% Member 100%
Amri Siahaan - - - - - - Member 100%
Ferry Sanjaya Independent 100% - - - - - -
Member
Hendry Independent 100% - - - - - -
Member
Cisca W. Alimin - - Member 100% - - - -
BOARD OF DIRECTORS
The BOD consists of five members, one of whom is President Director. The current BOD members were first appointed at the
EGMS on November 25, 2015, and were reappointed at the AGMS on June 25, 2020. The following is the composition of BOD
in 2023:
Position Name
President Director Hilmi Panigoro
Director & CEO Roberto Lorato
Director & CFO Anthony R. Mathias
Director & COO Ronald Gunawan
Director & CAO Amri Siahaan
Duties and Responsibilities of Each Director
Hilmi Panigoro, President Director
Following GCG guidelines, the President Director oversees all Company activities, encompassing development and operations.
In collaboration with the CEO, this leadership role ensures MedcoEnergi’s functioning, management, and control. This includes
implementing work plans and budgets, adhering to relevant laws and regulations, and upholding communication policies for
government and investor relations.
Roberto Lorato, Director and Chief Executive Officer
The Chief Executive Officer (CEO) manages all Company activities, including development and operations, with support
from other Directors who supervise MedcoEnergi’s management. Working closely with the President Director, the CEO plans,
manages, and oversees management supervision. This role also involves planning the work plan and budget and guaranteeing
compliance with applicable laws, regulations, and communication policies regarding government and investor relations.
The CEO’s responsibilities further extend to exploration, production, marketing, sales, occupational health and safety, social
and environmental programs, budget management, treasury, accounting, corporate finance, HR development, organization
and business processes, strategic planning, and business development. Additionally, the CEO ensures the development and
implementation of Sustainability & Risk Management policies and programs.
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Anthony R. Mathias, Director and Chief Financial Officer
The Chief Financial Officer (CFO) oversees and controls the Company’s work plan and budget. This role involves developing
policies and activities related to formulating and evaluating MedcoEnergi’s strategic plan and investment appraisals. Building
relationships with investors is another key responsibility. The CFO also determines, manages, and controls policies concerning
the Finance Directorate’s work plan and the Company budget. This leadership role encompasses treasury, accounting, tax,
financial management, and preparing financial reports. Furthermore, the CFO plans, manages, and controls work programs
and budgets, monitors performance, oversees MedcoEnergi’s treasury, accounting policies, financial reports, taxation, and
long-term financing policies.
Ronald Gunawan, Director and Chief Operating Officer
The Chief Operating Officer (COO) establishes, manages, and controls MedcoEnergi’s E&P operations and supporting
facilities. This role includes setting the plan for and managing the Oil & Gas assets. The COO also plans, manages, and
controls work plans and budgets for the Operations Directorate and evaluates its achievements. Developing policies
related to Operations, E&P, production, sales and marketing, and corporate social responsibility falls under the COO’s
purview.
Amri Siahaan, Director and Chief Administrative Officer
The Chief Administrative Officer (CAO)establishes, manages, and controls MedcoEnergi’s policies regarding human resources,
education and training, business processes, and corporate culture. This role includes planning, managing, and controlling the
work plan and budget for the Directorate of Administrative, which consists of sub-directorates for human resources, supply
chain management, relations and security, digital information technology, sustainability development, finance and the board
administration office. The CAO also evaluates the sub-directorates’ achievements and develops policies for workforce
planning, human resource development, and empowerment across all divisions within the Directorate of Administrative.
Additionally, the CAO is responsible for remuneration, industrial relations, developing management systems, and shaping
MedcoEnergi’s corporate culture.
BOD Charter
The charter was updated in 2014 and forms part of the GCG Guidelines and the Code of Ethics for the BOC and the BOD.
Meetings
In accordance with the Articles of Association and GCG Guidelines, the BOD is required to hold monthly meetings, to meet
quarterly with the BOC and to attend all GMS (General Meeting of Shareholders).
In 2023, there were twelve meetings of the BOD, five meetings of the BOD and the BOC, and one AGMS. All meetings were
held in a hybrid manner, with some Commissioners and Directors attending in person and some virtually.
Directors’ Attendance at Meetings
AGMS
Name BOD Meeting Meeting of BOD with BOC
May 31, 2023
Hilmi Panigoro 100% 100% Present
Roberto Lorato 100% 100% Present
Anthony R. Mathias 100% 100% Present
Ronald Gunawan 100% 100% Present
Amri Siahaan 100% 100% Present
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Governance
Competency Improvement
The Company requires each Director to improve their skills by following the orientation program provided for new Directors,
training in a particular field and becoming a member of a professional association related to the industry in which the Company
operates. The Company also views the participation of a director in providing training to practitioners or students as a form of
competency improvement.
Name Training in 2023
Hilmi Panigoro · Attended and presented at Bank Mandiri Forum, Jakarta, January 23, 2023
· Attended and presented at BSI - Global Islamic Finance, Jakarta, February 15, 2023
· Attended and presented at ITB Geothermal Workshop, Bandung, 6 June 2023
· Attended and presented at EBTKE, Jakarta, July 12, 2023
· Participant at the Opening Ceremony of Indonesia Petroleum Association Convention & Exhibition in Ice BSD City,
Indonesia, on July 25, 2023
· Attended and presented at Sustainability Forum, September 11, 2023
· Attended and presented at IAGI, Jakarta, September 24, 2023
· Attended and presented at HUT Tripatra Conferences, Jakarta, October 13, 2023
· Participant at SIEW (Singapore International Energy Week), Singapore, October 23, 2023
· Attended and presented at Permata Bank - Economic outlook, Jakarta November 7, 2023
· Attended and presented at the Pavilion Indonesia Talk Show “Increasing Ambitions in Renewable Energy Targets for
NDC Acceleration”, the Conference of Party of the UNFCCC, Dubai, December 30, 2023
Roberto Lorato · Attended and presented at the Asia Pacific (APAC) Energy Capital Assembly, Energy Council, Singapore, June 6-7,
2023.
· Participated the Indonesia Petroleum Association Convention & Exhibition in Ice BSD City, Indonesia, on July 25,
2023
· Attended and presented at the Asia Pacific Petroleum Conference (APPEC), S&P Global, Singapore, September 4,
2023
· Attended the Gastech Conference & Exhibition sessions and participated in the Gastech Leadership Roundtable
discussion on 'Hydrogen: Unlocking the Off-takers and Market Signals Needed to Secure Demand' at Gastech,
Singapore, September 5-8, 2023, convened by dmgevents and Wood Mackenzie.
· Attended and presented at the 4th International Convention on Indonesia Upstream Oil & Gas 2023, SKK Migas, Bali,
September 20, 2023
Anthony R. · Attended Mandiri Investment Forum 2023, Jakarta, January 31, 2023
Mathias · Attended BCP Securities Third Annual Oil & Gas Conference, February 14, 2023
· Attended UBS Indonesia Hybrid Corporate Day 2023, April 6, 2023
· Attended CGS - CIMB Regional Energy Day 2023, July 5, 2023
· Attended BCP Securities Annual Oil and Gas Conference, December 5, 2023
Ronald Gunawan · Attended and presented at FGD – Indonesian Strategic Talk: Implications of Rising Energy Commodity Prices for the
Geoscience, Energy & Development Sectors, Bandung, June 17, 2023
· Participant at the Energy Asia 2023 – Charting Pathways for a Sustainable Future, Kuala Lumpur, June 26-28, 2023
· Participated the Indonesia Petroleum Association Convention & Exhibition in Ice BSD City, Indonesia, 25 July 2023
· Attended and presented at Towards A Sustainable Future-Designing, Executing, and Maintaining Safe and Reliable
Facilities in the Energy Transition, Yogyakarta, August 29 – 31, 2023
· Attended Gastech, DMG Events, Singapore, September 5-8, 2023
· Attended and presented at the 4th International Convention on Indonesian Upstream Oil and Gas 2023, Bali,
September 20-22 2023
Amri Siahaan · Attended at the Energi Baru Terbarukan dan Konservasi Energi Convention & Exhibition 2023/ESDM, Indonesia
Convention Exhibition-BSD, Serpong-Tangsel, July 12-14, 2023
· Participated the Indonesia Petroleum Association Convention & Exhibition in Ice BSD City, Indonesia, on July 25-27,
2023
· Attended and presented at a MedcoEnergi Stand Talk Show at Gastech, Singapore, September 5-8, 2023
· Attended the 4th International Convention on Indonesia Upstream Oil & Gas, Bali Nusa Dua Convention Center-Nusa
Dua, Bali, September 20-22, 2023
· Attended at Singapore International Energy Week, Singapore, October 23-27, 2023
· Attended and presented at Forum Kapasitas Nasional 2023/SKK Migas, Jakarta Convention Center, November 23-
24, 2023
· Attended and presented at the Pavilion Indonesia Talk Show titled “Transforming the Nation to Renewable”, the
Conference of Party of the UNFCCC, Dubai, December 30, 2023
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Supporting the Board of Directors
MedcoEnergi fosters a collaborative environment to ensure the BOD has the necessary resources to fulfill its oversight
responsibilities. While the BOD doesn’t utilize formal standing committees, a robust support structure is in place:
1. Dedicated Teams: Each BOD member benefits from a dedicated support team, enabling efficient and structured
information flow.
2. Regular Communication: Weekly meetings occur within individual support teams and across the BOD, Business Unit
Directors, Senior Vice Presidents, and Vice Presidents. These sessions facilitate in-depth discussions on company
operations, fostering informed decision-making.
This dynamic approach empowers the BOD to stay abreast of critical issues and provide effective strategic guidance for
MedcoEnergi’s continued success.
Nomination and Remuneration of the BOD and BOC
In accordance with the Company’s Articles of Association, nominations to the BOD and BOC and proposals for the remuneration
of Commissioners and Directors must be submitted at the AGMS or at an EGMS for approval by the shareholders. The BOC
is assisted by the Nomination & Remuneration Committee in nominating candidates for the BOD and BOC and in proposing
remuneration for each member of the BOD and BOC.
Nomination Process
The nomination process for members of the BOD and BOC of the Company is carried out by considering the following
requirements:
a. The candidate must be of good character, morals, and integrity;
b. The candidate must be capable of complying with laws and regulations;
c. Within five years prior to the appointment and while serving, the candidate:
1. has never been declared bankrupt;
2. has never been a member of a BOD and/or BOC that was found guilty of causing a company to be declared bankrupt;
3. has never been convicted of a criminal act detrimental to state finances and/or related to the financial sector;
4. has never been a member of a BOD and/or BOC which during his or her tenure:
i. did not hold an AGMS;
ii. had its report to the GMS rejected by the GMS and/or did not provide accountability to the GMS; and
iii. caused a company that obtained a permit, approval or registration from the OJK to fail to fulfill the obligation to
submit an annual report and/or financial report to the OJK.
d. The candidate must be committed to complying with laws and regulations;
e. The candidate must have knowledge and/or expertise in Copper and Gold Mining, Oil & Gas production and finance.
After interviews and input from other parties, candidates for the BOD and/or BOC will be evaluated by the Nomination &
Remuneration Committee, which will then provide recommendations to the BOC for the appointment of the candidate at a
GMS.
Proposing and Approving Remuneration
Proposals for remuneration of members of the BOD and BOC are prepared by the Nomination & Remuneration Committee.
They are then put forward by the BOC at the AGMS and approved by shareholders.
1. Determining Remuneration
In determining the remuneration of each member of the BOD and BOC, the Nomination & Remuneration Committee
considers annual performance, scope of work, duties and responsibilities and best practices in the industry.
2. Remuneration Structure
The remuneration of the BOD and BOC consists of salary, allowances and performance incentives/bonuses. Performance
incentives/bonuses are given to members of the BOD and BOC in the form of cash and Company shares under the Share
Ownership Program to Management (MSAP).
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Governance
The MSAP scheme was introduced in order to encourage the members of the BOD and BOC to achieve and sustain long
term profitable financial performance. However, Company shares are not given to Independent Commissioners; this is to
maintain their independence.
3. Amount of Remuneration
At the AGMS on May 31, 2023, shareholders approved the salaries and allowances for members of the BOD and BOC for
2022 (including taxes), effective from January 1, 2023 to December 31, 2023, with an aggregate maximum amount of
US$25.7 million, including payment in the form of stock share of the Company in the total of 15,278,990 shares.
The Company paid an aggregate actual remuneration of US$25.6 million in 2023 to the BOD and BOC, including payments
in the form of 15,613,100 of the Company’s shares.
GOOD CORPORATE GOVERNANCE COMMITTEE
In 2014, in accordance with the GCG Committee Charter signed by the BOC on February 5, 2014, the BOC established the
GCG Committee. The Committee provides the BOC with assistance in supervising, monitoring, and ensuring consistent
implementation of GCG and corporate values practices at all levels of MedcoEnergi.
Duties and Responsibilities of the GCG Committee
As outlined in the Charter, the GCG Committee has the following key responsibilities and duties:
1. Reviewing and evaluating the GCG principles and standards to be implemented in the MedcoEnergi Group;
2. Periodically reviewing GCG policies set by the BOD to ensure they are in line with GCG principles and recommending
adjustments, amendments and improvements as required;
3. Evaluating any potential conflict of interest or any other potential violation within the BOD of the MedcoEnergi Group and
recommending any action to be taken;
4. Reviewing the BOD’s annual report on the implementation of GCG practices;
5. Promoting consistent implementation of GCG practices, with Committee members acting as role models for the
MedcoEnergi Group.
Membership Structure
The BOC decides the membership of the GCG Committee. The Committee must comprise at least five members, three
of whom must be members of the BOC and two of the BOD. An Independent Commissioner is responsible for chairing the
Committee. Based on BOC Resolution of November 1, 2017 concerning MedcoEnergi’s Organizational Chart, as modified by
BOC Memo of October 26, 2021 on New Corporate Boards and the Committee Organizational Chart, the composition of the
GCG Committee is as follows:
Position Name
Chair Marsillam Simandjuntak – Independent Commissioner
Member Yani Y. Panigoro – Commissioner
Member Yaser R. A. Panigoro – Commissioner
Member Hilmi Panigoro – President Director
Member Roberto Lorato – CEO
Member Anthony R. Mathias – CFO
Member Amri Siahaan – CAO
Secretary Ronny Siahaan – Senior Manager Audit and Integrity Compliance
Implementation of Duties and Responsibilities
The GCG Committee plays a critical role in upholding MedcoEnergi’s high standards of corporate governance and compliance.
On December 18, 2023, the Committee convened its annual meeting to assess the effectiveness of various initiatives:
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1. Governance Assurance Framework: The Committee reviewed the ongoing efficacy of the Governance Assurance
Framework, ensuring its continued effectiveness in maintaining strong corporate governance practices throughout the
organization.
2. Anti-Bribery Management System: The Committee evaluated the implementation and adherence to international
standards for anti-bribery management systems, as outlined by ISO 37001:2016.
3. GRI Standards Compliance: The Committee assessed the Company’s progress in implementing the Global Reporting
Initiative Standard for Governance (GRI 205 on Anti-Corruption).
4. Stakeholder Collaboration: The Committee evaluated the effectiveness of collective action initiatives undertaken
with various stakeholders, including professional associations and local communities, to promote and implement anti-
corruption measures.
5. Whistleblowing Management System (WMS) Enhancement: Looking towards 2024, the Committee established a
plan to align the WMS with the international standard ISO 37002:2021, further strengthening its effectiveness.
6. Sanctions Compliance and Anti-Money Laundering (AML) Program: The Committee appraised the Company’s
existing corporate program for sanctions compliance and AML prevention measures.
The 2023 GCG Committee meeting attendance was as follows:
Name Number of Meetings Meetings Attended Percentage Reason for Absence
Marsillam Simandjuntak 1 1 100% –
Yani Y. Panigoro 1 1 100% –
Yaser R. A. Panigoro 1 1 100% –
Hilmi Panigoro 1 1* 100% Overseas Business Travel
Roberto Lorato 1 1 100% –
Anthony R. Mathias 1 1 100% –
Amri Siahaan 1 1 100% –
Ronny Siahaan 1 1 100% _
* Delegated to another member of the committee.
AUDIT COMMITTEE
The Audit Committee takes the lead in assisting the BOC in fulfilling its responsibilities to oversee business ethics, financial
reporting, risk management, internal control, management of internal and external auditors, and to ensure compliance with
prevailing laws and regulations.
Membership Structure
The Audit Committee consists of three members, including one Independent Commissioner and two non-Commissioner
members appointed from outside the Company.
On August 29, 2022, based on BOC Resolution No. RESO-045/MGT/MEDC/VIII/2022, Hendry and Ferry Sanjaya were
reappointed as members of the Audit Committee for a period of three (3) years beginning July 1, 2022. Effective November
4, 2022, based on BOC Resolution No. RESO-051/MGT/MEDC/XI/2022, Marsillam Simandjuntak took on the role of Chair of
the Audit Committee.
November 4, 2022–December 31, 2023
From November 4, 2022 to the present, the composition of the Company’s Audit Committee is as follows:
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Position Name
Chair Marsillam Simandjuntak (Independent Commissioner)
Member Ferry Sanjaya
Member Hendry
Secretary Ronny Siahaan (Senior Manager Audit and Integrity Compliance)
Profiles of Audit Committee Members
Ferry Sanjaya, an Indonesian citizen, was born in Lebak on February 17, 1971, and holds a bachelor’s degree in accounting
from STIE Jayakarta (1994). He also serves as a member of the Audit Committee of PT Medco Power Indonesia, as CEO of
PT Indonesia Hijau Dwidaya and as Finance Director of PT Indonesia Hijau Papan.
Hendry, an Indonesian citizen, was born in Jakarta on December 8, 1978. He holds a bachelor’s degree in accounting from
Atma Jaya Catholic University, Indonesian licenses Ak, CA and CPA, and the AP from the Ministry of Finance. He is currently
a member of the Audit Committee of PT Medco Power Indonesia and is Managing Partner and Assurance Leader at KAP
Hendry, Ferdy & Rekan.
For a profile of Ronny Siahaan please see the Internal Audit section of Chapter 6 page 112. For a profile of Marsillam Simandjuntak
please see Chapter 4 page 57.
Independence of the Audit Committee
All members of the Audit Committee are independent and have no affiliate relationships with members of the BOC or BOD
that might affect their ability to perform independently.
Audit Committee Training and Competency Development in 2023
Member Training and Competency Development Date
Ferry Sanjaya Jurnal Fintax 101 Webinar Series 27.0: February 23, 2023
How you manage product and inventory management practically?
Jurnal Fintax 101 Webinar Series 29.0: April 27, 2023
Get to know the balance scorecard and its 4 perspectives.
Jurnal Fintax 101. Webiner Series 32.0 Profit and Loss analysis with AI (Artificial Intelligence) July 27, 2023
feature system.
Ikatan Komite Audit Indonesia (IKAI) 2023 National Conference: Overseeing the sustainability October 19, 2023
and growth of the company through monitoring ad controlling risks.
Hendry Institute of Public Accountant Indonesia (IAPI) open discussion and brainstorming on Jan 13, 2023
development public accountant firm in the future.
Advanced professional education organized by the OJK for the capital sector: Accounting May 11, 2023.
and Audit Aspects from Implementation Statement of Financial Accounting Standard No. 71
“Financial Instrument” on leasing companies.
Advanced professional education organized by the OJK for the capital sector: July 28, 2023
Accounting and Audit Considerations and Capital Market Regulations in Merger and
Acquisition Process.
Advanced professional education mandatory for public accountants PPPK 2023- batch 3. July 29, 2023
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Member Training and Competency Development Date
Advanced professional education for advisory, mandatory for public accountant batch August 15, 2023
8: Sharing Audit Finding in auditing Public Accountant Firm by Pusat Pembinaan Profesi
Keuangan (PPPK) and the Risk Mitigation.
Workshop of Statement of Financial Accounting Standard No. 72 and its Audit Aspect. November 16, 2023
Perception “Reflection of the Profession of Accountant Public in year 2023 and preparation November 17, 2023
in auditing the campaign fund for general election year 2024”.
Rights of the Audit Committee
To carry out its duties, the Audit Committee has full access to all assets, personnel data, documents, facilities and funding
documents relevant to MedcoEnergi. The Audit Committee carries out its duties by working closely with the Corporate Audit
and Integrity Compliance Division and with the approval of the BOC. The Audit Committee has the right to appoint a third
party to assist in the performance of its duties.
Audit Committee Meetings
The Audit Committee conducts regular meetings at least once per quarter and may hold additional meetings as it deems
necessary.
In 2023, the Audit Committee reviewed the quarterly and annual financial statements and provided assurance to the BOC that
the financial statements were in accordance with Indonesia’s Financial Accounting Standards and OJK requirements. On the
recommendation of the Audit Committee, the BOC approved the consolidated 2022 financial statements and their disclosure.
Attendance of Audit Committee Members at Quarterly Meetings: January 1–June 30, 2023
Name Number of Meetings Meetings Attended Percentage
Marsillam Simanjuntak 2 2 100%
Ferry Sanjaya 2 2 100%
Hendry 2 2 100%
Ronny Siahaan 2 2 100%
Attendance of Audit Committee Members at Quarterly Meetings: July 1–December 31, 2023
Name Number of Meetings Meetings Attended Percentage
Marsillam Simanjuntak 2 2 100%
Ferry Sanjaya 2 2 100%
Hendry 2 2 100%
Ronny Siahaan 2 2 100%
Duties and Responsibilities of the Audit Committee
The Audit Committee’s duties and responsibilities include but are not limited to:
1. Reviewing and assessing the adequacy of audits undertaken by external auditors and giving its opinion on the audit
results of the Company’s financial statements;
2. Recommending the appointment of an external auditor;
3. Evaluating the performance, competence, independence and objectivity of the internal and external auditors;
4. Reviewing internal audit plans, reports and significant findings;
5. Reviewing Company’s risk management to ensure adequacy of processes to identify and mitigate financial and business
risks;
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6. Reviewing internal control systems to ensure they are effective;
7. Reviewing compliance with the Company’s Code of Conduct, manual on conflicts of interest, and policies and procedures
including the effectiveness of fraud risk management;
8. Reviewing the Company’s compliance with laws and regulations pertaining to the capital market, among others.
NOMINATION & REMUNERATION COMMITTEE
The Nomination & Remuneration Committee was reestablished at the BOC meeting on January 13, 2016 in accordance with
OJK Regulation No. 34/POJK.04/2014 (“OJK Regulation No. 34/2014”). In accordance with the decision of the BOC dated May
18, 2016, the BOC formulated and approved guidelines, in line with OJK Regulations, stipulating the roles and responsibilities
of Committee members, the composition and structure of the membership and the work systems and procedures of the
Committee.
Membership Structure
According to OJK Regulation No. 34/2014 and Committee guidelines, the appointment and dismissal of Committee members
must be made by a decision taken at a BOC meeting.
The Committee must comprise at least three people, including an Independent Commissioner, a commissioner and an officer
from the Board Administration Office. The Committee chair must be an Independent Commissioner and the Committee
Secretary must be an officer from the Board Administration Office. The period of appointment of members of the Committee
may not be longer than the period of appointment of members of the BOC, but each member may be reelected.
Composition of the Committee based on BOC Decision dated October 12, 2020 and reinstated by the BOC and BOD Decision
dated March 2, 2023, effective December 20, 2022:
Name Title Independence
Marsillam Simandjuntak – Independent Commissioner Chair Independent
Yani Y. Panigoro – Commissioner Member Affiliate
Yaser R. A. Panigoro – Commissioner Member Affiliate
Cisca W. Alimin – Senior Manager, Board Administration Office Member and Secretary Independent
All members of the Committee were initially appointed in 2016 for the same term of office as the Commissioners.
Curriculum Vitae
The curriculum vitae of the Chair and each member of the Committee who is also a commissioner can be found on in Chapter
4, page 57. A curriculum vitae for the member of the Committee who is not a member of the BOC follows.
Cisca W. Alimin, Member and Secretary
Indonesian citizen, 54 years old, earned a Bachelor of Science in Business Administration from the University of Indianapolis
in 1992 and obtained a Corporate Secretary Certificate (Intensive Course Batch XII) from the Management Institute of the
Faculty of Economics, University of Indonesia and the Indonesian Capital Market Foundation in 2001. She rejoined the Company
on November 25, 2015 and served as Senior Manager of the Board Administration Office and Commissioners of PT Exspan
Petrogas Intranusa and PT Satria Raksa Buminusa. She previously served as Corporate Secretary (2007–2012), Compliance
Lead (2005–2007), Section Head of Compliance (2000–2005), Section Head in Investor Relations (1998–2000) and Office
Supervisor (1995–1998). Prior to joining the Company, she worked at PT Trisaka Adireksa as Assistant Executive (1994) and
Mobil Oil Indonesia Inc. (1993).
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Training
In 2023, the Nomination & Remuneration Committee actively pursued professional development opportunities to enhance its
members’ knowledge and competencies in the area of executive compensation. These initiatives included:
1. Benchmarking Study: A comprehensive study was conducted to benchmark the remuneration packages of MedcoEnergi’s
BOC and BOD against those of comparable companies within the industry and size range.
2. Remuneration Committee Webinar: Committee members participated in a specialized webinar on remuneration
practices, hosted by Willis Towers Watson on June 25, 2023.
3. Board Succession Workshop: The Committee attended a workshop titled “Strengthening the Board’s Succession: A
Framework for Board Performance & Evaluation,” held by the Indonesia Corporate Secretary Association on June 27,
2023. This workshop focused on best practices for board succession planning and evaluation.
Duties and Responsibilities
As stipulated in OJK Regulation No. 34/2014 and adopted in the Committee Guidelines, the Nomination & Remuneration
Committee must carry out its duties independently and is accountable to the BOC.
Regarding nominations, the Committee’s functions are:
1. Providing recommendations to the BOC on the composition of the BOC and BOD, the criteria for the nomination process
and the performance evaluation of each Commissioner and Director.
2. Assisting the BOC in evaluating the performance of each Commissioner and Director against their respective key
performance indicators.
3. Developing and recommending to the BOC a competency development program for each Commissioner and Director; and
4. Proposing appropriate candidates for the BOC and/or BOD to be submitted to the GMS.
Regarding remuneration, the Committee’s functions are:
1. Providing recommendations to the BOC regarding the structure, policies and amount of remuneration.
2. Assisting the BOC in carrying out performance evaluations and adjustments to the remuneration of each Commissioner
and Director.
Meetings
The Nomination & Remuneration Committee held two meetings in 2023: May 15, 2023, and January 19, 2023.
May 15, 2023 – Agenda January 19, 2023 – Agenda
Name Review the results of Attendance
2023 remuneration budget
remuneration benchmark
Marsillam Simandjuntak Present Present 100%
Chair
Yani Y. Panigoro Present Present 100%
Member
Yaser R. A. Panigoro Present Present 100%
Member
Cisca W. Alimin Present Present 100%
Member and Secretary
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2023 Activities
During 2023, the Committee carried out its functions in full as stipulated in the Committee Charter approved by the BOC on
May 18, 2016.
Implementation of the Remuneration Function
On May 15, 2023, the Committee conducted a comprehensive review of the BOC and BOD performance against the 2022
team performance contracts and key performance indicators (KPIs). The Committee also evaluated the Company’s 2023
plans outlined in the 2023 team performance contracts and KPIs.
Recognizing the BOC’s and BOD’s significant contributions to the Company’s outstanding performance in 2022, the
Committee approved a higher remuneration budget for 2023, reflecting the broader responsibilities entrusted to the Boards.
In a separate meeting on January 19, 2023, the Committee reviewed remuneration benchmark data for comparable companies
within the industry and size range.
Implementation of the Nomination Function
During the meeting on May 15, 2023 meeting, the Committee reviewed potential candidates for the independent commissioner
position vacated due to the passing of Mr. Bambang Subianto. However, since the existing BOC composition already meets
the requirements stipulated by the OJK Regulation, the Committee did not propose any candidates at this stage.
SUSTAINABILITY AND RISK MANAGEMENT
The Corporate Sustainability & Risk Management Division under the CEO’s office is responsible for developing and
implementing the infrastructure for the Company’s Sustainability and Enterprise Risk Management Framework, including
Climate Change Strategy and Energy Transition. In addition, the Sustainability & Risk Management Committee, whose
members are Commissioners and Directors, set the agenda and make recommendations for the Company’s risk management
in order to ensure the sustainability of the Company.
MedcoEnergi prioritizes proactive risk management through a robust Enterprise Risk Management Framework. This framework
aligns with the international standard ISO 31000:2018, ensuring a comprehensive and systematic approach to identifying,
assessing, mitigating, and monitoring potential risks. It encompasses a wide range of risks that could impact the Company,
including: strategy execution, financial performance, operations, information technology security, Environmental, Social, and
Governance (ESG) factors.
Additionally, the framework considers risks associated with third-party stakeholders, such as suppliers and contractors. It
provides clear and structured guidance to both the BOC and the BOD for effective risk management and reporting. It also
establishes a process for regular monitoring, ensuring ongoing evaluation and adaptation of risk mitigation strategies.
MedcoEnergi is continuing to improve and strengthen its organizational sustainability and risk management capability. Regular
training, workshops, focus group discussions and awareness campaigns are conducted with the risk owners. These are aimed
at ensuring all risks are identified and that appropriate mitigation strategies are developed and implemented.
The Company strives to manage and mitigate risks and regularly monitors the effectiveness of its risk control. MedcoEnergi
does not tolerate lapses in compliance, particularly in the areas of health, safety, environment, risk to communities, regulatory
compliance and security.
Key Risk Factors
MedcoEnergi assesses risks regularly, with changes in both internal and external circumstances scrutinized for possible effects.
In 2023, the following key risk factors were assessed:
a. Climate-related risks and transition to a low carbon economy.
b. Commodity price exposure.
c. Access to natural resources, including renewal of expiring contracts.
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d. Subsurface risks, exploration and addition of reserves.
e. Delivery of major projects.
f. Operational risks, including process safety, personal safety, risks to communities and environmental risks.
g. Health risks, especially focusing on employees’ and contractors’ fitness to work. In May 2023, the World Health Organization
declared that COVID-19 was no longer an international public health emergency, and the Government of Indonesia
announced a change to endemic status in June 2023.
h. Political and fiscal risks in countries in which MedcoEnergi operates, including regulatory and legislative changes, risks
related to the environment and potential increases in the cost of compliance.
i. Organizational capability.
j. Governance risks (bribery and violations of business ethics).
k. Cybersecurity.
l. Financial liquidity and access to capital.
Insurance Cover for Company Assets
MedcoEnergi has sufficient insurance cover to protect its assets and to support operational activities. Insurance packages
are reviewed at least annually to ensure they are fit for purpose and are cost efficient. Currently, the Company has insurance
policies for property, general cargo, rigs, hulls, machinery, motor vehicles and airports. It also has employee insurance and
standard general liability insurance for energy companies.
Business Continuity
MedcoEnergi has a business continuity plan that aligns with ISO 22301:2019, international standard on managing business
continuity. The plan ensures the continuity of critical business functions and assets in the event of disruption. It includes a
disaster recovery plan aimed at restoring all MedcoEnergi critical systems and data in the event of an event affecting the data
center. A disaster recovery exercise is conducted annually to validate the recovery procedures and test the Company’s ability
to restore all critical systems and data.
SUSTAINABILITY AND RISK MANAGEMENT COMMITTEE
The Sustainability and Risk Management Committee provides advice and support to the BOC on its oversight of the Company’s
sustainability strategy and programs. It also provides advice and support on group-level risk management and practices for
the Company and its subsidiaries.
Duties and Responsibilities
The Committee’s duties and responsibilities are:
a. Issuing directives to align sustainability and risk management with the Company’s strategy and formally authorizing
changes to the Company’s sustainability and risk policies;
b. Ensuring that an effective risk management system is in place to mitigate risks to the sustainable growth of the Company;
c. Reviewing and providing recommendations on key business and operational risks, sustainability programs and key
indicators.
Composition of the Sustainability and Risk Management Committee as of December 31, 2023
Position Name
Chair Yani Y. Panigoro – Commissioner
Member Marsillam Simandjuntak – Independent Commissioner
Member Yaser R. A. Panigoro – Commissioner
Member Hilmi Panigoro – President Director
Member Roberto Lorato – CEO
Member Anthony R. Mathias – CFO
Secretary Firman Dharmawan – Senior Manager Corporate Sustainability & Risk Management
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Meetings of the Sustainability and Risk Management Committee
The Committee members meet as necessary to fulfill their duties and responsibilities. The Committee documents and
maintains records of its proceedings. In 2023, the Committee convened three meetings, and discussed, among other items,
risks related to business activities of the Company, including acquisitions, divestments and financing. It also reviewed the
implementation and effectiveness of the Enterprise Risk Management Framework, the Sustainability Strategy and the
implementation of specific sustainability programs, which include risks and strategy related to climate change.
Name Number of Meetings Meetings Attended Percentage
Yani Y. Panigoro 3 3 100%
Marsillam Simandjuntak 3 3 100%
Yaser R. A. Panigoro 3 3 100%
Hilmi Panigoro 3 3 100%
Roberto Lorato 3 3 100%
Anthony R. Mathias 3 3* 100%
Firman Dharmawan 3 3 100%
* 1 meeting delegated to another member of the committee.
MEDCOENERGI CODE OF CONDUCT
MedcoEnergi is committed to upholding the highest ethical standards in all aspect of our operations. Our business practices
are guided by our Code of Conduct (“Our Code”) principles which govern how MedcoEnergi’s Board of Commissioners, Board
of Directors and employees conduct their duties and responsibilities and behave in accordance with ethical practices.
Content of Code of Conduct
The Code of Conduct contains the basic principles of our commitment and responsibilities, protecting our employees and
workplace, our Company’s interest and assets, respecting our stakeholders and obeying the applicable laws and regulations.
MedcoEnergi Code of Conduct: “Know the Code, Know the Commitment”
Our slogan “Know the Code, Know the Commitment” was introduced in 2020 so that our BOC, BOD, employees and all
stakeholders could embrace the commitments expected of them when working for MedcoEnergi. The Company expects that
the highest ethical standards be applied in all MedcoEnergi businesses and in every decision made for and on behalf of the
Company.
Our Code is user-friendly and is written in plain language for ease of understanding for Directors, Commissioners, employees
and stakeholders from all backgrounds. It defines the Company’s business practices, expectations and standards based on
international laws and best practices. Our Code also provides a point of contact for further information and concerns.
All MedcoEnergi personnel are required to read, understand, and adhere to Our Code. This commitment is further solidified
through the annual signing of the “Statement of Adherence to the Code of Conduct.”
Our Code is a comprehensive document applicable to all stakeholders, including the Board of Commissioners, Board of
Directors, employees, affiliates, business partners, and guests of MedcoEnergi. It transcends geographical boundaries,
ensuring consistent ethical practices across all our operations.
An educational campaign to communicate and provide awareness on the Code of Conduct was conducted in combination with
other training on business and compliance risks, such as:
1. Identifying and detecting conflicts of interest, including relationship and financial interests.
2. Protecting the Company’s data and information.
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3. Working with internal and external stakeholders to prevent corruption.
4. Initiating and developing the Sanction Compliance Program.
5. Supporting the Company to develop its ethical culture, through understanding of the MedcoEnergi Code of Conduct, and
develop awareness of the Code of Conduct through the Ethics Liaison Officer in Corporate and E&P, and the Compliance
Champion in Power.
Strengthening Supplier Partnerships: MedcoEnergi Code of Supplier
Reinforcing our commitment to ethical and sustainable business practices, MedcoEnergi implemented the MedcoEnergi Code
of Supplier on December 26, 2022. This code outlines the expectations we hold for all our vendors, encompassing suppliers of
services, equipment, materials, and other goods, along with agents, consultants, contractors, subcontractors, and consortiums.
By adhering to this code, our suppliers play a vital role in supporting our commitment to maintaining business continuity and
building trust with all stakeholders.
CORPORATE SECRETARY
In accordance with POJK No. 35/2014, the Company appointed Siendy K. Wisandana as Corporate Secretary based on
the Corporate Memo regarding Corporate Secretary No. INT-1520/TAL/MEDC/XII/2016 dated December 28, 2016. The
appointment was effective from December 28, 2016.
Corporate Secretary Information
Name : Siendy K. Wisandana
Telephone : +62-21 2995 3000
Fax. : +62-21 2995 3001
E-mail : corporate.secretary@medcoenergi.com
Address : The Energy Building, Floors 53–55, SCBD Lot 11A Jalan Jend. Sudirman Kav. 52–53, South Jakarta 12190
Siendy K. Wisandana is an Indonesian citizen born in 1969. She joined the Company in January 2003 and currently serves as
VP Corporate Legal and Corporate Secretary. She worked at Hanafiah Soeharto Ponggawa (March to October 1991), after
which she moved to Hadiputranto, Hadinoto & Partners, prior to join MedcoEnergi. She earned a law degree from Parahyangan
Catholic University in 1991.
The duties of the Corporate Secretary include:
1. Keeping abreast of developments in capital market rules, especially regulations of the Financial Services Authority (OJK).
2. Providing input to the BOD and BOC on legal matters, particularly compliance on laws and regulations relating to capital
markets.
3. Assisting the BOD and BOC in implementing corporate governance by: (i) disclosing information to the public on the
website and through press releases; (ii) submitting reports to the OJK and Indonesia Stock Exchange (IDX) in a timely
manner; (iii) preparing and organizing the convening of annual and extraordinary general meetings; (iv) organizing and
documenting meetings of the BOD and/or BOC to the extent that they relate to legal matters; and (v) implementing an
orientation program on Company Law, Capital Market Law, and/or other laws and regulations which are relevant for the
affairs of our Directors and Commissioners.
4. Acting as liaison between the Company and the shareholders, the OJK, IDX and other stakeholders.
Selected training undertaken and events attended by the Corporate Secretary:
Date and Venue Event Organizer
January 19, 2023 ESG Strategy and Rating seminar with the theme "Unlocking Opportunities Through ESG Rating IDX
Improvements".
February 7, 2023 Webinar on Rule of OJK on Guidelines to Implement Offerings Classified as Non-Public Offerings AHP, Zoom Video
pursuant to Circular Letter No. 33/SEOJK.04/2022 on Guidelines for Implementing Securities Conference
Offerings Classified as a Non-Public Offering.
February 27, 2023 Hearing on the Concept of Indonesia Stock Exchange Regulation Number I-I concerning Stock Splits IDX
and Stock Mergers by Listed Companies that Issue Equity Securities.
March 16, 2023 ESG Leadership Training Series 1: ESG integration for listed companies. IDX
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Date and Venue Event Organizer
March 21, 2023 Coaching Clinic SDG 16 Business Framework: Inspiring Transformational Governance. IDX
March 21, 2023 Law No. 4 of 2023 on Financial Sector Development and Reinforcement and The Changing Landscape AHP, Zoom Video
of Indonesia’s Capital Market Sector. Conference
April 17, 2023 New KPPU Case Handling Procedure May Allow Dismissal of Anti-Competition Investigation Based on AHP, Zoom Video
Change of Behaviour. Conference
May 17, 2023 KPPU’S New Guidelines Use Data and Quantitative Approach to Enforce Antitrust Measures. AHP, Zoom Video
Conference
June 26, 2023 Socialization of Indonesia Stock Exchange Regulation Number I-L, I-X, and II-X. IDX
July 24, 2023 The Introduction of the Watchlist Board the Indonesia Stock Exchange (“IDX”) through the issuance AHP, Zoom Video
of the Board of Directors of the IDX Decree No. Kep-00081/BEI/05-2023 on Regulation No. I-X on Conference
the Placement of Equity Securities Listing on the Watchlist Board (“Decree”) to introduce a new listing
board, namely the Watchlist Board, to the public.
August 08, 2023 Conference “Catalyzing Green and Sustainable Finance Through Capital Markets and Other Innovative OJK
Solutions”.
August 22, 2023 Webinar Compliance Refreshment issuer and Public Company. OJK, Zoom Video
Conference
August 30, 2023 Webinar on Obligation to park 30% of the Export Proceeds by Exporters of natural resources. HHP, Zoom Video
Conference
Sept 05, 2023 Webinar on New OJK Rule on carbon trading on carbon exchange pursuant to Rule of OJK No. 14 of HHP, Zoom Video
2023 on Carbon Trading on Carbon Exchange ("OJK Rule 14/2023"). Conference
Oct 04, 2023 Webinar on Updates on Singapore International Arbitration Centre (SIAC) Rules HHP, Zoom Video
Conference
Oct 06, 2023 Webinar "Explanation of Exchange Regulation No. "I-A 2021 Regarding Free Float Provisions and Use of IDX and AEI
Form E009 in the IDXnet SPE Reporting System."
November 27, Socialization of OJK Regulations Number 9 of 2023. OJK
2023
Dec 05, 2023 Kaleidoscope of Competition Law in Indonesia 2023. AHP, Zoom Video
Conference
Dec 06, 2023 Webinar on the Impact of MoF 66/2023 on Benefits-in-Kind: Tax and Employment Law Perspectives. HHP, Zoom Video
Conference
CORPORATE AUDIT AND INTEGRITY COMPLIANCE
The Senior Manager for Corporate Audit and Integrity Compliance reports directly to the CEO and is responsible for the
internal audit of MedcoEnergi and its subsidiaries, evaluating the effectiveness of governance, risk management, internal
control and ethics compliance within MedcoEnergi and subsidiaries.
Following the Corridor integration in July 2022, the Corporate Audit and Integrity Compliance Division was restructured to
enhance its capabilities. The division now comprises the following departments: Ethics and Compliance Offshore and General;
Ethics and Compliance Corridor and Onshore; General Audit; Integrity Compliance; and A&IC Excellence. These departments
work collaboratively to support corporate strategy, strengthen organizational capabilities, and contribute to the overall
effectiveness of the Internal Audit function.
Head of Corporate Audit and Integrity Compliance Division
Ronny Siahaan has served as Senior Manager for Corporate Audit and Integrity Compliance since September 1, 2018. He
brings extensive experience to this role, having joined MedcoEnergi in 2012. Previously, he held positions within the Company
such as Sr. Manager of Finance Control and Government Audit (2012-2014) and Sr. Manager of Internal Audit for Medco E&P
Indonesia (2014-2017). His complete work experiences and qualifications are below.
1. Work experience
• 2009-2012: Finance Control and Accounting Manager, Pertamina Hulu Energi Offshore North West Java.
• 2008-2009: Java Controller, BP West Java.
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• 2005-2008: Tangguh Integrated Social Program Manager, BP Berau.
• 2001-2005: Shared Services Controller, BP Upstream Indonesia.
• 1999-2001: Finance Manager, BP Petrochemical and Downstream.
• 1996-1999: Commercial Controller, Philips Ralin Electronics.
• 1994-1996 : Accounting Head, OAF Finance.
2. Qualifications
CMA, ERMCP, PECB Certified ISO37001 LA., PECB Certified ISO37001 LI., API., CfrA.
Demonstrating a commitment to continuous learning and industry best practices, Ronny Siahaan actively participated in
professional development activities throughout 2023. In this role, he served as Advisor and Chair for a professional auditor
and compliance forum within the Oil & Gas Industry. His specific contributions included:
1. Attended the Human Right Due Diligence Workshop conducted by UNGC in Jakarta from March 1 – 2, 2023.
2. Participated in the SEC Enforcement & FCPA Compliance: The Current Landscape Webinar on November 30, 2023
conducted by Center for Professional Education Inc.
Duties and Responsibilities
Since 2018, the Division has developed comprehensive compliance programs to prevent, detect, and respond to bribery,
corruption, and fraud risks across all assets operated by the Company, its subsidiaries, and joint ventures. These programs
focus on preventing, detecting, and effectively responding to bribery, corruption, and fraud risks.
To ensure that the Company is effectively preventing, detecting and responding to bribery, corruption and fraud, the Corporate
Audit and Integrity Compliance Division assesses and makes recommendations for improving governance, with the following
objectives:
a. Promoting high standards of business ethics within the Company.
b. Ensuring effective fraud risk management.
c. Collecting information on risk and anti-bribery and anti-corruption risk controls across the Company.
The Corporate Audit and Integrity Compliance Division also regularly assesses and makes recommendations for improving risk
management processes and evaluates risk exposure in the Company’s operations and information system, with the following
objectives:
a. Achieving the Company’s strategic objectives.
b. Maintaining the reliability and integrity of financial and operational information.
c. Maintaining the effectiveness and efficiency of operations and programs.
d. Safeguarding assets.
e. Ensuring compliance with laws, regulations, policies, procedures, and contracts.
The Corporate Audit and Integrity Compliance Division provides functional support to BOD efforts to establish a culture that
embraces ethics, honesty and integrity. It also provides functional support in preventing, detecting and responding to fraud
and the risk of fraud.
Fraud prevention: The Corporate Audit and Integrity Compliance Division monitors and evaluates the Company’s internal
controls for detecting and mitigating fraud, evaluates the Company’s assessment of fraud risk within the Company and third-
party contractors, assesses the adequacy of related controls and recommends improvements.
Fraud detection: The Corporate Audit and Integrity Compliance Division is responsible for performing data analysis, fraud
risk management, audit programs, verification and other activities to detect, identify, monitor and prevent fraud.
Fraud response: The Corporate Audit and Integrity Compliance Division is responsible for responding to issues raised
through the internal ethics hotline and/or the whistleblower channel and has a direct role in investigating any Code of Conduct
breach or fraud, managing investigations and disclosing to the BOD. It reports the findings of investigations and any situations
that may give rise to wrongdoing directly to the BOD, providing recommendations for corrective action.
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2023 Activities: Safeguarding Integrity
The Corporate Audit and Integrity Compliance Division plays a key role in upholding MedcoEnergi’s commitment to ethical
conduct and operational integrity. In 2023, the Division’s key activities included:
1. Comprehensive Internal Audits: Internal audits were conducted across MedcoEnergi and its subsidiaries, providing
independent assessments of governance, risk management, and internal control effectiveness.
2. Robust Anti-Bribery and Corruption (ABAC) Program: The division conducted dedicated ABAC audits on vendors
and partners, mitigating bribery and corruption risks within the supply chain.
3. Proactive Fraud Risk Management: Programs were implemented to address fraud risk throughout the organization.
These programs targeted prevention, detection, monitoring, and evaluation, ensuring a comprehensive approach to
combating fraud.
4. Promoting Ethical Conduct: The division facilitated the following initiatives to foster a strong culture of ethics:
• Conflict of Interest Risk Management: Annual affirmation programs were implemented for the group, ensuring
transparency and mitigation of potential conflicts of interest.
• Ethics Liaison Officer Program: This program established a network of ethics ambassadors across assets and
functions, providing a local point of contact for employees seeking guidance on ethical behavior.
• Code of Conduct Declaration: Annual Affirmation Program is implemented for the group, ensuring each individual’s
commitment to adhere with MedcoEnergi’s Code of Conduct.
• Anti-Corruption Awareness Campaigns: The division conducted comprehensive communication and education
programs for employees, contractors, vendors, and suppliers. These programs utilized a variety of channels, including
media campaigns, video materials, online training modules, and in-person classroom sessions.
5. Sanctions Compliance: The division monitored and evaluated the Company’s sanctions compliance program, ensuring
adherence to all relevant sanctions regulations and associated due diligence requirements.
The Company is committed to preventing corruption by ensuring adequate procedures are in place within MedcoEnergi Group
and by formalizing anti-bribery management systems for key business assets and operations involving vendors and employees
as defined in ISO 37001:2016 anti-bribery manuals and procedures.
MedcoEnergi was the first energy company in Indonesia to obtain ISO 37001:2016 certification of an anti-bribery management
system for Medco E&P Natuna Ltd. in June 2019 and followed by five domestic production sharing contracts (PSCs) for
Procure to Pay Process in April 2020. In our power business, we certified Medco Power in July 2020 and followed by three
Medco Power Indonesia subsidiaries – PT Mitra Energi Batam and Dalle Energi Batam, PT Energi Listrik Batam and PT Tanjung
Jati B Power Services in 2021. Additionally we also certified our joint venture, JOB Tomori in 2021.
In November 2022, MedcoEnergi Bualuang Ltd. (Thailand) became the first of the Company’s international business units to
be certified ISO 37001:2016. On December 7, 2023, Medco E&P Grissik Ltd. has successfully received ISO 37001:2016 Anti-
Bribery Management System (ABMS) Certification.
The anti-bribery management system certification provides assurance to management, investors, employees, customers and
other stakeholders that MedcoEnergi is committed to preventing bribery and to adhering to internationally recognized anti-
bribery controls.
Internal Audit Charter
The Company’s internal audit charter was prepared by the Audit Committee and approved on January 2, 2012, by the BOC
and has been updated on February 7, 2022. It has been communicated and implemented throughout the MedcoEnergi Group.
Internal Control of Risk and Compliance
MedcoEnergi has an internal control system that aims to safeguard Company assets and investments. The system is a part of
the MedcoEnergi GCG implementation and comprises:
1. A structured internal control framework.
2. A program to assess and manage business risks.
3. An information and communication system.
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4. Control and monitoring activities: in addition to an internal audit, anti-corruption and anti-bribery controls are also assured
by an independent third party and a certification body.
5. The internal control system is effective in each division and subsidiary and covers all duties and authorities of the respective
divisions/subsidiaries.
ANTI-CORRUPTION
MedcoEnergi has implemented several measures to address corruption and to ensure ethical behavior and compliance with
anti-corruption laws. Key elements of MedcoEnergi’s anti-corruption measures are:
1. Code of Conduct: MedcoEnergi has a Code of Conduct that sets out the ethical standards expected of its employees,
contractors and business partners.
2. Anti-Corruption Policy: MedcoEnergi has an anti-corruption policy that sets out its commitment to prevent bribery
and corruption in all its operations. The policy outlines the expectations placed on employees, contractors and business
partners to comply with anti-corruption laws and regulations.
3. Training and Awareness Programs: MedcoEnergi conducts regular training and awareness programs to educate
employees, Contractor’s employees and extended it to vendors through our external compliance programs on the risks of
corruption and how to identify and report suspicious activities.
4. Ethics Ambassador Program: This program nurtures a culture of ethical compliance through employee engagement
and participation. We select employees to participate in a capacity-building program covering ethics and compliance,
and risk identification and remediation. These employees are then assigned to become Ethics Liaison Officers in Medco
Corporate & Oil & Gas, Compliance Champions in Medco Power.
Medco Corporate & Oil & Gas Medco Power
Program Title
Ethics Liaison Officer Program Compliance Champion Program
Number of
76 28
Personnel in 2023
Role and • Being a model of ethical behaviour. • Communicate and discuss issues related to ethics and
Responsibilities of • Promoting ethical culture and elevating awareness on compliance from subsidiaries to Medco Power head office.
Personnel ethical practices through various means of communications • Conduct sharing session of ethics and compliance twice
such as distributing ethics tips, delivering dynamic a year (1 time per semester) and compliance moment
presentations using case studies, posters, infographics. 4 times a year and report these activities through our
• Facilitate discussion on ethics in each functions/business Compliance share point.
unit. • Participate actively to support MedcoEnergi Compliance
• Participate in corporate campaigns (including Ethics & programs, such as Statement of Adherence and Conflict of
Compliance Week and Anti-Corruption Day) and distribute Interest.
related campaign materials. • Promote whistleblowing channel as a tool for reporting
• Provide guidance or advice when dealing with ethical fraud allegation or ethics violation.
dilemma or elevate inquiries and/or concerns to Line • Assist in ISO 37001 certification, recertification and
Management and/or Corporate Ethics & Compliance surveillance audit by certification body.
Function.
MedcoEnergi continues to reinforce compliance awareness and uphold a culture of integrity within the organization. These
initiatives support our commitment to ethical conduct and regulatory compliance across various levels and functions. Here’s
a breakdown of the key initiatives:
a. Field Compliance Refresher and Awareness Training: This training was for Block A, Rimau, Lematang, Palembang
office, and JOB Tomori to reinforce compliance standards and practices.
b. Fraud Risk Refresher Training: Conducted for Onshore Asset Leadership and Corporate Relation & Security
function and aimed at refreshing their understanding of fraud risks and prevention measures.
c. Fraud Risk Assessment Workshop: Specifically held for Corridor and Medco Ratch Power Riau (MRPR), a subsidiary
of MPI, to assess and mitigate potential fraud risks within these entities.
d. Year-End Town Hall: Organized for the Finance Division in the Oil & Gas assets to discuss compliance achievements,
challenges, and reinforce the importance of compliance within the division.
e. Ethics Awareness Training for Contractors: Extended beyond MedcoEnergi’s direct employees to include
contractor employees, covering various aspects of business ethics, information systems security, and social media
usage.
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f. New Hire Induction Training: Focused on introducing new hires to MedcoEnergi’s Governance, Compliance, and
Code of Conduct policies, ensuring they start their roles with a clear understanding of expected standards.
g. Medco Leadership Programme: Targeted at supervisors and above, providing a refresher on the Code of Conduct
and likely emphasizing leadership responsibilities in upholding compliance standards.
h. International Anti-Corruption Day: A dedicated day to raise awareness about the importance of anti-corruption
measures, aligning with MedcoEnergi’s commitment to ethical business practices.
i. Communication of Collective Labor Agreements and Business Ethics & Corporate Protection Guidelines:
Ensuring clear communication of important policies and agreements to all employees, further embedding compliance
principles within the organizational culture.
5. Whistleblowing policy: MedcoEnergi has a whistleblower policy that allows employees to report any concerns or
suspicions of corruption or unethical behavior anonymously and without fear of retaliation.
6. Due diligence: MedcoEnergi has implemented a due diligence process for screening potential business partners and
vendors to ensure they comply with anti-corruption laws and regulations.
7. Internal audits: MedcoEnergi conducts regular internal audits included vendor audits to identify any potential risks and
improve its anti-corruption measures.
8. Compliance with laws and regulations: MedcoEnergi ensures compliance with all applicable anti-corruption laws and
regulations in the countries in which it operates.
WHISTLEBLOWING SYSTEM
MedcoEnergi is committed to implementing the highest standard of integrity and compliance in all activities in accordance with
the GCG Guidelines and the Code of Conduct. MedcoEnergi has a whistleblowing system in place since 2008 to strengthen
the implementation of GCG principles and internal control systems. The system provides a channel through which internal and
external stakeholders can raise concerns regarding integrity or compliance in MedcoEnergi.
MedcoEnergi values individual willingness to report potential violations to MedcoEnergi’s set of ethical standards and policies
but the report must be based on good faith.
MedcoEnergi does not tolerate any kind of retaliation and take all claims of retaliation seriously and if validated, will take
appropriate action to handle them. MedcoEnergi consider acts of retaliation to be acts of misconduct which, if substantiated,
could result in disciplinary action up to, and including dismissal or termination.
MedcoEnergi Whistleblowing system was established in 2008. MedcoEnergi extended the whistleblower system to allow
reporting via the website and telephone in both Indonesian and English, added the reporting through WhatsApp application,
and extended the language to Thai and Arabic (2020), and Mandarin (2022). Anyone may file a report on any violation through
the channels listed on the MedcoEnergi website, www.medcoenergi.com, or via Deloitte at https://idn.deloitte-halo.com/
lapor-medcoenergi/.
Deloitte has managed MedcoEnergi’s whistleblower system since 2010, ensuring its independence. MedcoEnergi limits
whistleblowing to the following areas: fraud, corruption, breaches of the Code of Conduct and other policies, conflicts of
interest, financial statement fraud, bribery, misconduct and any other nonethical behavior.
Deloitte screens and categorizes reports and may request more information and supporting documents from the whistleblower.
It then submits reports to the Company’s President Commissioner, President Director and Head of Corporate Audit and
Integrity Compliance. The Company will conduct an investigation and take all necessary follow-up actions.
Ethics and Compliance Working Group
All reports are carefully reviewed by the Ethics and Compliance Working Group, composed of senior management
representatives from the Board of Directors, Corporate Audit & Internal Control, Human Resources, Legal, and relevant
divisions. This collaborative approach ensures objective, unbiased investigations and consistent disciplinary actions. In 2024
the Working Group will transition into a formal Ethics and Compliance Committee.
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EXPANDING OUR HORIZONS Incident Disclosures MedcoEnergi is committed to fostering a culture of integrity and ethical conduct across all levels of our organization. In 2023, we received 63 reports of alleged violations through our whistleblowing channels. This represents a slight decrease from 2022 (73 reports). The reported concerns included counterfeiting, intellectual property rights violations, theft, asset misuse, procurement fraud, and other fraudulent activities. In 2023, the Working Group took appropriate disciplinary actions against 45 individuals, encompassing employees, contractors, and business partners. These actions ranged from verbal warnings and reprimands to written warnings and terminations, depending on the severity of the offense. Whistleblower Management System – ISO 37002:2021 We are continually enhancing our whistleblowing infrastructure. To further strengthen transparency and accountability, MedcoEnergi is adopting the ISO 37002 Whistleblowing Management System. This comprehensive framework provides guidance on implementing, managing, and improving our reporting channels. Implementation activities in 2023 included personnel training, maturity self-assessment, and benchmarking against industry peers. We are on track to achieve full adoption of ISO 37002 by 2024. Prevention of Insider Trading MedcoEnergi is committed to prevent and mitigate insider trading. The Code of Conduct prohibits employees, affiliated parties and members of MedcoEnergi’s BOC and BOD from trading shares or securities if they have access to nonpublic material information about the Company. MedcoEnergi also has an Insider Trading Policy and a Blackout Periods Policy. The Insider Trading Policy aims to prevent members of the BOC and BOD and employees from using non-public material information to trade shares or securities. The Blackout Periods Policy aims to stop trading of securities for defined periods by parties who have access to non-public material information. EMPLOYEES AND MANAGEMENT SHARES OWNERSHIP PROGRAM MedcoEnergi has established Share Ownership Programs for both employees (ESAP) and management (MSAP). Launched in 2017 with Shareholders approval, these programs continue to be attractive, fostering employee retention and a shared sense of ownership. 2023 Annual Report PT Medco Energi Internasional Tbk 117
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2023 Program Highlights
For the 2023 ESAP, MedcoEnergi allocated a maximum of 21,657,000 shares to be granted to selected employees. The shares
will vest in 2024, 2025 and 2026.
For the MSAP, the Company continued distributing the 2022 Performance Incentive MSAP to members of the BOC and
BOD, and to Directors of subsidiaries. The BOD approved the award of 4,310,810 shares to the Directors of subsidiaries, and
the AGMS on May 31, 2023 approved the award of 15,613,100 shares to non-independent members of the BOC and the BOD.
In 2023, MedcoEnergi transferred the third tranche of shares vesting from the 2020 ESAP, the second tranche vesting from
the 2021 ESAP and the first tranche vesting from the 2022 ESAP. A total of 24,343,077shares were awarded to these 2020,
2021 and 2022 ESAP recipients. Also in 2023, MedcoEnergi transferred 4,310,810 shares, representing the 2022 performance
incentive MSAP, to Directors of subsidiaries. The Company also transferred a total of 15,613,100 shares to non-independent
members of the BOC and to the Company Directors. In total, the Company awarded 44,266,987 shares to ESAP and MSAP
recipients using treasury shares remaining at the end of 2022.
To fulfil future ESAP and MSAP requirements, the Company implemented the buyback shares program approved at the
AGMS dated May 31, 2023. A total of 65,250,100 shares were purchased in 2023. Hence, as of the end of year 2023, the
Company recorded a total of 106,731,368 shares as the remaining balance of treasury shares available for future distribution.
This balance is sufficient to meet the third tranche of shares vesting from the 2021 ESAP, the second tranche vesting from the
2022 ESAP and the first tranche vesting from 2023 ESAP in 2024, as well as the 2023 Performance Incentive MSAP. However,
to fulfil ESAP and MSAP commitments from 2025 onward, more shares shall be purchased in 2024.
Terms and Conditions of the ESAP and MSAP
ESAP MSAP
Eligibility Employees and employees of wholly-owned subsidiaries who Non independent Commissioners and Directors of MedcoEnergi,
are working in the Company or who are seconded under certain Directors of wholly-owned or majority-owned subsidiaries,
criteria to subsidiaries or affiliates of the Company. representative Directors at the Company’s affiliates and certain
senior management of the Company.
Share Base An equivalent number of the actual shares of the Company An equivalent number of the actual shares of the Company
for ESAP and stock. Upon meeting the vesting criteria, the ESAP will be stock. Upon meeting the vesting criteria, the MSAP will be
MSAP converted into shares of Company stock. converted into actual shares of the Company Stock.
Granting In three-year periods beginning in 2017. In three-year periods beginning in 2017.
Period
Vesting Period Over a three-year period with the following schedule: 30% after a) Retention Program MSAP: The shares will vest at the end of
one year, 30% after two years and 40% after three years. an agreed period; and b) Performance Incentive Bonus MSAP:
No vesting period.
Share The shares to be awarded via the ESAP will remain in a) Retention Program MSAP: The shares to be awarded
Ownership MedcoEnergi’s possession until vesting. On vesting, the shares via the MSAP will be converted into shares by transferring
will be transferred to individual employee accounts and will be the equivalent number of MedcoEnergi’s actual shares to
fully owned by the employee. eligible recipients but ownership will be blocked until the end
of the agreement. The resulting shares will be unblocked and
fully owned by the members of BOD after the end of the
agreement; b) Performance Incentive Bonus MSAP: The shares
to be awarded via the MSAP will be converted into shares by
transferring the equivalent number of the Company’s actual
shares to eligible recipients on the effective granting date.
118 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 121
EXPANDING OUR HORIZONS
Terms and Conditions of the ESAP and MSAP
ESAP MSAP
Voting and Before vesting, the shares do not have any voting or dividend a) Retention Program MSAP: The shares have voting and
Dividend rights. After vesting, the shares will be fully owned by the dividend rights. However, dividends will be pooled into a
Rights employee and will have voting rights and rights to dividends joint account between MedcoEnergi and each individual
when declared. recipient. Upon the end of the period of employment, all
the dividends paid will be released to the recipients;
b) Performance Incentive MSAP: Upon transfer, the shares will
be fully owned by the employees and will have voting rights
and rights to dividends when declared.
Tax Any income tax liability generated by the share award will be Any income tax liability generated by the share award will be
paid by the employee. paid by each of the recipients.
Other Other terms and conditions with regards to eligibility factors Other terms and conditions may apply for specific Retention
and/or events which may need to be taken into consideration Program MSAPs.
are stated in a separate policy created by the Human Capital
and General Services Sub directorate.
ESAP and MSAP Distribution
Description Number of Shares
Treasury shares balance at January 31, 2023 85,748,255
ESAP 2020 third tranche, 2021 second tranche, 2022 first tranche 24,343,077
MSAP BOD subsidiaries 4,310,810
MSAP non-independent Commissioners and BOD 15,613,100
Total awards 44,266,987
Treasury shares acquired 2023 65,250,100
Treasury shares balance at December 31, 2023 106,731,368
BOC and BOD to Disclose Shares Ownership
Members of the BOD and BOC are obliged by the Code of Conduct to disclose their purchase and ownership of MedcoEnergi
shares. Further, to comply with POJK No. 11/POJK.04/2017 concerning Ownership Reporting or Change in Share Ownership
of a Public Company, the Company requires each member of the BOD and BOC to regularly disclose updated information
regarding their share ownership.
In 2023, members of the BOD and BOC reported changes in their ownership of MedcoEnergi shares in January, June, July,
and December. All changes were reported to the OJK within the required time.
MATERIAL TRANSACTIONS
Related Parties Transaction
MedcoEnergi maintains a commitment to conducting business with the highest ethical standards and transparency. The
following transactions with related parties occurred during the year:
2023 Annual Report PT Medco Energi Internasional Tbk 119
Page 122
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Medco Power Indonesia
On September 18, 2023, Medco Power Indonesia and Amman Mineral Internasional (AMI) entered into a deed of share sale
and purchase agreement No. 74, drawn up before Jose Dima Satria S.H., M.Kn., Notary in Jakarta, where MPI agreed to sell all
of its shareholding amounting to 24,975 shares in PT Medco Sumbawa Gas to AMI for a purchase price of Rp2,497,500,000.
Independent Accountant
The BOC recommended the appointment of KAP Purwantono, Sungkoro & Surja, a member firm of Ernst & Young Global
Limited, a public accounting firm registered with the OJK, as the Company’s external auditor for the 2023 fiscal year. This
appointment was subsequently approved by the AGMS on May 31, 2023. KAP Purwantono, Sungkoro & Surja has consistently
maintained its independence in accordance with professional standards for public accountants, the work agreement, and the
defined audit scope.
Total fees for audit work and other assurance services by KAP Purwantono, Sungkoro & Surja, a member firm of Ernst & Young
Global Limited for fiscal year 2023 amounted to Rp54.7 billion with details as follows:,
1. Audit of consolidated financial statements, for the financial year 31 December 2023 amounted to Rp28.4 billion.
2. Other assurance service fees amounted to Rp18.7 billion.
3. Non-assurance service fees amounted to Rp7.6 billion.
120 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 123
EXPANDING OUR HORIZONS
Board of
Commissioners &
Board of Directors
Statement
Regarding the Responsibilities towards the 2023 Annual Report PT Medco Energi Internasional Tbk
We, the undersigned, being the members of the Board of Commissioners and Board of Directors of The Company, hereby,
declare that we are fully responsible for preparation and presentation of the 2023 Annual Report and 2023 Financial Statements.
All information in the 2023 Annual Report and 2023 Financial Statements have been fully and accurately disclosed and the
Reports do not contain false information or omitted information or material facts.
In witness whereof, the undersigned have drawn up this statement truthfully.
Jakarta, April 30, 2024
Prepared by:
Hilmi Panigoro Roberto Lorato
President Director Director & Chief Executive Officer
Anthony R. Mathias Ronald Gunawan Amri Siahaan
Director & Chief Financial Officer Director & Chief Operating Officer Director & Chief
Administrative Officer
Approved by:
Yani Y. Panigoro
President Commissioner
Marsillam Simandjuntak Yaser R. A. Panigoro
Independent Commissioner Commissioner
2023 Annual Report PT Medco Energi Internasional Tbk 121
Page 124
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Attachments
124 Company Structure
126 Organization Structure
127 List of Abbreviations
129 Cross Reference to OJK
Annual Report Requirements
142 e-Financial Statements
122 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 125
07
Page 126
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Company
Structure
PT Medco E&P Indonesia PT Medco E&P Bangkanai PT Medco LNG Indonesia PT Amman Mineral Internasional PT Medco Downstream
Tbk Indonesia
PT Medco E&P Simenggaris PT Donggi Senoro LNG PT Amman Mineral PT Medco LPG Kaji
Nusa Tenggara
PT Medco E&P Malaka PT Medco Energi Beluga PT Medco Methanol
Bunyu
PT Medco E&P Tarakan PT Medco Energi Natuna Timur PT Medco Ethanol
Lampung
PT Medco E&P Rimau PT Medco Energi Bangkanai
PT Medco E&P Lematang PT Medco E&P Nunukan
PT Medco E&P Tomori PT Medco E&P Sembakung
Sulawesi
PT Medco E&P Bengara PT Medco Energi Madura
PT Medco Energi Sampang PT Medco Energi CBM Indonesia
PT Medco Sampang Indonesia PT Medco CBM Pendopo PT Exspan Petrogas PT Medco Energi Nusantara PT Medco Sarana Balaraja
Intranusa
PT Medco Energi Belida PT Medco Energi Linggau PT Mitra Energi Gas PT Satria Raksa
Sumatera Buminusa
PT Api Metra Graha PT Musi Raksa
Buminusa
PT Mahakam Raksa
Buminusa
Ophir Energy Limited
Salamander Energy Limited Dominion Petroleum Limited
Dominion Petroleum DOMPET Limited
Acquisitions Limited
Ophir Jaguar 1 Limited Salamander Energy Group Limited
Dominion Oil & Dominion
Gas Limited Tanzania
Limited
Medco Energi Medco Energi
Ophir Jaguar 2 Limited Thailand (E&P) Bangkanai Limited
Limited Dominion Oil
& Gas Limited
Salamander Medco Energi (Tanzania)
Ophir SPV Pty Ltd. Ophir Asia Pacific Energy (Lao) Central
Pty Ltd. Company Limited Kalimantan Limited
Medco Energi Medco Energi Medco Energi Medco Energi West
Madura Offshore Sampang Kerendan Limited Bangkanai Limited
Pty Ltd. Pty Ltd.
Ophir Vietnam Ophir Energy
Block 12W B.V. Indonesia Limited
Ophir Indonesia
Salamander Energy (S.E.Sangatta)
Salamander Energy (S.E.Asia) Limited Limited
(Bualuang Holdings)
Limited
Medco Energi
Thailand (Bualuang)
Limited
124 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 127
EXPANDING OUR HORIZONS
PT Medco Power PT Medco Power Internasional
Medco Strait Services Pte. Ltd. Medco Simenggaris Pty. Ltd. Generation Indonesia
Petroleum Exploration & Production Medco Far East Limited PT Medco Power Indonesia
International Limited
Lematang E&P Limited Kuala Langsa (Block-A) PT Sangsaka Agro Lestari PT Medco Geothermal
Limited Nusantara
PT Sangsaka Hidro PT Medco Power
Lestari Sentral Sumatera
Medco South China Sea Pte. Ltd.
PT Bio Jatropha PT Medco Ratch
Indonesia Power Riau
Medco Natuna Pte. Ltd.
Medco Indonesia Holding B.V. PT Sangsaka PT Dalle Panaran
Hidro Ciseureuh
Medco E&P Natuna Ltd.
Medco Lematang B.V. PT Sangsaka Hidro PT Pembangkitan
Medco Singapore Selatan Pusaka Parahiangan
Operations Pte. Ltd.
PT Sangsaka Hidro PT Medco Hidro Indonesia
Kasmar
Medco Petroleum Services Limited Medco Platinum Road Pte. Ltd.
PT Sangsaka PT Nawakara
Hidro Baliase Energi Sumpur
Medco Laurel Tree Pte. Ltd. Medco Oak Tree Pte. Ltd.
PT Sangsaka Hidro PT Sangsaka
Patikala Lima Hidro Barat
Medco Energi Global Pte. Ltd. Medco Bell Pte. Ltd.
PT Medco Kansai PT Muara Enim Multi Power
Power Indonesia
Medco Maple Tree Pte. Ltd.
MedcoEnergiOman Block 48 PT Dalle Energy PT Medcopower
Limited Batam Servis Indonesia
MedcoEnergiOman Block 60 PT Medco General PT Indo Medco Power
Limited Power Services
Medco Yemen Holding Limited Far East Energy Trading Pte. Ltd. PT TJB Power PT Medcopower
Services Elektrika Indonesia
Medco Yemen Amed Medco Asia Pacific Limited PT Energi Prima
Limited Elektrika PT Medco Sumbawa Gas
Medco Yemen Malik Medco International PT Multidaya Prima
Limited Enterprise Ltd. Elektrindo PT Medco Solar Pasifik
Medco International Ventures Medco LLC PT Universal Batam PT Medco Geothermal
Limited Energy Indonesia
Medco International Services Medco Arabia Ltd. PT Energi PT Medco Cahaya
Pte. Ltd. Listrik Batam Geothermal
Medco Tunisia Services Medco Energi USA Inc. PT Medco Energi PT Medcopower Energi Baru
Menamas
Medco E&P Corridor Medco Energi US. LLC PT Medco PT Medcopower Solar
Holding Ltd. Geothermal Sarulla Sumbawa
Medco E&P Grissik Ltd. PT Mitra Energi PT Medcopower Surya
Batam Nusantara
PT Medco Solar Bali Barat PT Medcopower
Transportasi Listrik
PT Medcosolar Bali Timur PT Medco Geothermal
Sumatra
PT Medco Power Global Pte Ltd PT Teknologi Data Infrastruktur
Pacific Medco Solar Energy PT Medco Geopower
Pte Ltd Sarulla
Ophir Holdings Limited Ophir Asia Limited Ophir Holdings & Services (UK) Limited
Dominion Petroleum Ophir Equatorial
Ophir East Africa Ophir Myanmar Guinea (Block R)
Holdings Limited (Block AD-3) Limited Kenya Limited Limited
Ophir Mexico
Ophir Tanzania Ophir Tanzania Limited
(Block 4) Limited (Block 1) Limited
Ophir Mexico
Ophir East Africa Ophir Pipeline Ruvuma Pipeline Operations,
Ventures Limited Limited Company Limited S.A. de C.V
Ophir Tanzania Mzalendo Gas
(Block 3) Limited Ophir LNG Limited Processing Company
Limited
Ophir Gas Marketing Fahari Gas Marketing
Limited Company Limited
INFORMATION:
Active
Dormant
2023 Annual Report PT Medco Energi Internasional Tbk 125
Page 128
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Organization
Structure
President Director
Hilmi Panigoro
Director & Chief Executive Officer
Roberto Lorato
Director & Chief Director & Chief Director & Chief Sr. VP Sr. VP MPI President Managing Director
Operating Officer Administrative Financial Officer International E&P Business Director & CEO Medco Energi
Officer and CCUS Development Global
Ronald Gunawan Amri Siahaan Anthony R. Mathias Craig D. Stewart Sanjeev Bansal Eka Satria Emmy Teo
Sr. VP VP Human Resources VP Corporate General Manager VP New Ventures MPI Director &
Onshore Asset & General Services Finance & Treasury Thailand Chief Financial
Officer
Idham H.S Purba Tia N. Ardianto Sonia Ayudiah Iwan Prajogi Faizan Rahan Myrta Sri Utami
Sr. VP VP E&P Finance Sr. Manager Corporate Country Manager Sr. Manager MPI Director & Chief
Offshore Asset Planning & Investment Oman Corporate Portfolio Operating Officer
Appraisal Management
Ignatius Tenny HR. Andrea G. Candarashmi P. Ahmad Syaifudin Imron Gazali
Wibowo Diliharto Pastika
Sr. VP VP Digital Sr. Manager General Manager Head Legal Business MPI Director & Chief
Corridor Asset Information Corporate Tax Libya (MIVL) Development Planning and Business
Technology Development Officer
Tri Laksono Satriyo Wicaksono Aris Cahyadi Akram Sassi Andri Budiman Femi Sastrena
VP Technical VP Supply Chain Sr. Manager
Assurance Management Corporate
Accounting
Bambang S. Ismanto Kenneth Gunawan VP Corporate Legal Sr. Manager Audit Sr. Manager Corp.
Johan K. Djaja Counsel & Corporate & Integrity Sustainability
Secretary Compliance & Risk Management
VP Project VP Relations Sr. Manager Corp Siendy K. Wisandana Ronny Siahaan Firman Dharmawan
Development & & Security Finance Functional
Engineering Excellence
Excellence
Krista Senior Counsel Manager Ethics & Manager Corporate
Agus Wijaya Arif Rinaldi Non-Capital Market Compliance General Sustainability
Offshore
VP Exploration Sr. Manager Manager Capital Irwan Supranto
Sustainability Market Rico Jusuf M. Agustina Prawitosari
Development
Feriyanto Ibrahim Arsyad Ridho Wahyudi Senior Counsel Manager Ethics & Manager Corporate
Capital Market Compliance Corridor Risk Management
and Onshore
VP Health, Safety Sr. Manager Board
& Environment Administration Office Nyimas Dewi Andriani Eko S. Wibowo
I Nyoman A Sidi Cisca Alimin
Mantra Manager General
Audit
Soesetyo Eri
VP E&P Legal Perbowo
R. Iman Suseno
Manager Integrity
Compliance
INFORMATION:
Sr. Manager
E&P Planning Widi Wijayanto
Anastasia Mustika Board of Directors Manager Audit & IC
PT Medco Energi Internasional Tbk Excellence
Sr. Manager
Commercial Esther H. Marianto
Organization Chart as of
Rully Nasrullah 31 December 2023
126 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 129
EXPANDING OUR HORIZONS
List of
Abbreviations
1P Proved Reserves GHG Greenhouse Gas
2P Proved and Probable Reserves GMS General Meeting of Shareholders
ABMS Anti-Bribery Management Systems GRI Global Reporting Initiative
AGMS Annual General Meeting of Shareholders GSA Gas Sales Agreement
AMG PT Api Metra Graha GSPL Gas Supply Pte Ltd
AMNT PT Amman Mineral Nusa Tenggara GWh Giga Watt hour
APAC Asia Pacific ha Hectare
bbtud Billion British Thermal Units Per Day HR Human Resources
bcf Billion Cubic Feet HSE Health, Safety and Environment
bcpd Barrel Condensate Per Day IDR Indonesian Rupiah
BOC Board of Commissioners IDX Indonesia Stock Exchange
BOD Board of Directors IOGP International Association of Oil & Gas Producers
boe Barrel Oil Equivalent IPP Independent Power Producer
bopd Barrel Oil Per Day ISO International Organization for Standardization
boepd Barrel Oil Equivalent Per Day ITB Institut Teknologi Bandung
CAO Chief Administrative Officer JOB Joint Operating Body
CCUS Carbon, Capture, Utilization and Storage JORC Joint Ore Reserve Committee
CCPP Combined Cycle Power Plant Koz Thousand ounces
CCS Carbon, Capture & Storage KPI Key Performance Indicator
CDP Carbon Disclosure Project lbs pound
CEO Chief Executive Officer LLC Limited Liability Company
CFO Chief Financial Officer LNG Liquefied Natural Gas
CLA Collective Labour Agreement Ltd. Limited
Company PT Medco Energi Internasional Tbk. mboepd Thousand Barrels Of Oil Equivalent Per Day
COO Chief Operating Officer mbopd Thousand Barrels Of Oil Per Day
COVID-19 Coronavirus Disease 2019 MEGS PT Mitra Energi Gas Sumatera
DSLNG PT Donggi Senoro LNG MEMR Ministry of Energy and Mineral Resources
E&P Exploration & Production Mlbs Million pounds
EBITDA Earnings before Interest, Tax, Depreciation and mmbo Million Barrels of Oil
Amortization
mmboe Million Barrels of Oil Equivalent
EGMS Extraordinary General Meeting of Shareholders
EPSA Exploration and Production Sharing Agreement mmbtu Million British Thermal Unit
ESAP Employee Shares Award Plan mmscfd Million Standard Cubic Feet Per Day
ESG Environmental Social Governance MPI PT Medco Power Indonesia
FPCA Foreign Corrupt Practices Act MSAP Management Shares Award Plan
FPSO Floating Production Storage and Offloading MSCI Morgan Stanley Capital International
FSO Floating Storage and Offloading MW Mega Watt
GCG Good Corporate Governance MWp Mega Watt peak
GDP Gross Domestic Product O&M Operation & Maintenance
2023 Annual Report PT Medco Energi Internasional Tbk 127
Page 130
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
OJK Otoritas Jasa Keuangan (Financial Services Pty Ltd Proprietary Limited
Authority)
OPEC Organization of the Petroleum Exporting Countries PTTEP PTT Exploration and Production Public Company
Limited
oz ounce
PV Photovoltaic
plc Public Limited Company
Pvt Ltd Private Limited
PLN Perusahaan Listrik Negara (State Eletricity
Company) SEC Securities Exchange Commission
POJK Peraturan Otoritas Jasa Keuangan (Financial SEOJK Surat Edaran Otoritas Jasa Keuangan (Circular
Services Authorithy Regulations) Letter of the Financial Services Authority)
PROPER Program Penilaian Peringkat Kinerja Perusahaan SGX Singapore Stock Exchange
Dalam Pengelolaan Lingkungan (Company
Performance Rating Program in Environmental SKK Migas Oil & Gas Regulatory Special Task Force
Management)
SRB PT Satria Raksa Buminusa
PSA Production Sharing Agreement
TCFD Task Force on Climate-related Financial Disclosures
PSC Production Sharing Contract
TRIR Total Recordable Incident Rate
PT Perseroan Terbatas (Limited Liability Company)
UN United Nations
Pte Ltd Private Limited
USD United States Dollar
Disclaimer
As of 2023, PT Medco Energi Internasional Tbk received an PT Medco Energi International Tbk’s ESG Risk Rating places
MSCI ESG Rating of A. it the 8th percentile in the Oil & Gas Producers industry and
9th percentile in the Oil & Gas Exploration and Production
subindustry assessed by Sustainalytics
Disclaimer Statement
The use by PT Medco Energi Internasional Tbk of any Copyright ©2024 Sustainalytics. All rights reserved. This
MSCI ESG Research LLC or its affiliates (“MSCI”) data, Sustainability Report contains information developed
and the use of MSCI logos, trademarks, service marks by Sustainalytics (www. sustainalytics. com). Such
or index names herein, do not constitute a sponsorship, information and data are proprietary of Sustainalytics
endorsement, recommendation, or promotion of PT Medco and/or its third party suppliers (Third Party Data) and are
Energi Internasional Tbk by MSCI. MSCI services and data provided for informational purposes only. They do not
are the property of MSCI or its information providers, and constitute an endorsement of any product or project,
are provided ‘as-is’ and without warranty. MSCI names and nor an investment advice and are not warranted to be
logos are trademarks or service marks of MSCI. complete, timely, accurate or suitable for a particular
purpose. Their use is subject to conditions available at
https://www.sustainalytics.com/legal-disclaimers.
128 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 131
EXPANDING OUR HORIZONS
Cross Reference to
OJK Annual Report
Requirements
Description Page
I. General Provision
1. In this Financial Services Authority Circular Letter what is meant by:
a. The Annual Report is a report on the Board of Directors and Board of Commissioners accountability in managing and supervising issuers
or public companies within a period of 1 (one) fiscal year to the general meeting of shareholders prepared based on the provisions of the
Financial Services Authority Regulation concerning the Annual Report of issuers or public companies
b. Issuers are parties who make public offerings
c. A Public Company is a company whose shares are owned by at least 300 (three hundred) shareholders and has a paid-up capital of
at least Rp3,000,000,000.00 (three billion rupiah) or a number of shareholders and paid-up capital as determined by the Financial
Services Authority
d. A Public Company is an Issuer that has made a public offering of equity securities or a Publically- listed Company
e. A Sustainability Report is a report published to the public that contains the economic, financial, social, and environmental performance of
a financial service institution, Issuer, and Public Company in running a sustainable business
f Board of Directors:
1) For an Issuer or a Public Company in the form of a limited liability company, it is the Board of Directors as referred to in the
Financial Services Authority Regulation concerning the Board of Directors and Board of Commissioners of an Issuer or Public
Company; and
2) For an Issuer or a Public Company in the form of a legal entity other than a limited liability company, it is the body that carries out
the management of the legal entity as referred to in the laws and regulations concerning the legal entity.
g. Board of Commissioners:
1) For an Issuer or a Public Company in the form of a limited liability company, the Board of Commissioners as referred to in the
Financial Services Authority Regulation concerning the Board of Directors and Board of Commissioners of an Issuer or Public
Company; and
2) For the Issuer or Public Company in the form of a legal entity other than a limited liability company, it is the body that supervises
the legal entity as referred to in the laws and regulations concerning the legal entity.
h. General Meeting of Shareholders hereinafter abbreviated as GMS:
1) For an Issuer or a Public Company in the form of a limited liability company, it is the GMS as referred to in the Financial Services
Authority Regulation concerning the Planning and Organizing of the General Meeting of Shareholders of a Public Company; and
2) For an Issuer or Public Company in the form of a legal entity other than a limited liability company, it is the body that has authority
that is not given to any other body that carries out management and supervisory functions, within the limits specified in the
legislation and/or articles of association governing the legal entity.
2. The Annual Report of Issuers or Public Companies is an important source of information for investors or shareholders as one of the basic
considerations in making investment decisions and a means of supervision of Issuers or Public Companies.
3. Along with the development of the capital market and the increasing need for information disclosure by investors or shareholders, the Board of
Directors and the Board of Commissioners are required to present quality, accurate, and accountable information through the Annual Reports
of Issuers or Public Companies.
4. Annual Reports that are prepared regularly and informatively can provide convenience for investors or shareholders and stakeholders in
obtaining the required information.
5 This Financial Services Authority Circular is a guideline for Issuers or Public Companies that must be applied in preparing Annual Reports and
Sustainability Reports.
2023 Annual Report PT Medco Energi Internasional Tbk 129
Page 132
2023 Management Discussion Business Company Sustainability Corporate Governance Attachment
Performance and Analysis Activities Profile
Description Page
II. Format of Annual Report
1. Annual Report should be presented in the printed format and in electronic document copy..
2. The printed version of the Annual Report should be printed on light-colored paper of fine quality, in A4 size, bound and can be reproduced in
good quality.
3. The Annual Report may present information in the form of pictures, graphs, tables, and/or diagrams by including clear titles and/or
descriptions, so that they are easy to read and understand.
4. The Annual Report presented in electronic document format is the Annual Report converted into pdf format.
III. Content Of Annual Report
1. Annual Report should contain at least the following information:
a. Summary of key financial information; 68
b. Stock information (if any); 70-72
c. The Board of Directors report; 12-15
d. The Board of Commissioners report; 10-11
e. Profile of Issuer or Public Company; 52-81, 124-126
f. Management discussion and analysis; 21-25
g. Good Corporate Governance applied by the Issuer or Public Company; 90-120
h. Corporate social and environmental responsibility of the Issuer or Public Company; 85-87
i. Audited annual report; and 142-502
j. Statement that the Board of Directors and the Board of Commissioners are fully responsible for the Annual Report; 121
2. Description of Content of Annual Report
a. Summary of Key Financial Information 68-69
Summary of Key Financial Information contains financial information presented in comparison with previous 3 (three) fiscal years or since
commencement of business if the Issuers or the Public Company commencing the business less than 3 (three) years, at least contain:
1) income/sales;
2) gross profit;
3) profit (loss);
4) total profit (loss) attributable to equity holders of the parent entity and non-controlling interest;
5) total comprehensive profit (loss);
6) total comprehensive profit (loss) attributable to equity holders of the parent entity and non controlling interest;
7) earning (loss) per share;
8) total assets;
9) total liabilities;
10) total equities;
11) profit (loss) to total assets ratio;
12) profit (loss) to equities ratio;
13) profit (loss) to income ratio;
14) current ratio;
15) liabilities to equities ratio;
16) liabilities to total assets ratio; and
17) other information and financial ratios relevant to the Issuer or Public Company and type of industry;
130 PT Medco Energi Internasional Tbk 2023 Annual Report
Page 133
EXPANDING OUR HORIZONS
Description Page
b. Stock Information
Stock Information (if any) at least contains:
1) shares issued for each three-month period in the last 2 (two) fiscal years (if any), at least covering:
a) number of outstanding shares;
b) market capitalization based on the price at the Indonesia Stock Exchange where the shares listed on;
70
c) highest share price, lowest share price, closing share price at the Stock Exchange where the shares listed on; and
d) share volume at the Stock Exchange where the shares listed on;
Information in point a) should be disclosed by the Issuer, the public company whose shares is listed or not listed in the Indonesia
Stock Exchange;
Information in point b), point c), and point d) only be disclosed if the Issuer is a public company whose shares is listed in the
Indonesia Stock Exchange;
2) in the event of corporate actions, including stock split, reverse stock, dividend, bonus share, and change in par value of shares, then
the share price referred to in point 1), should be added with explanation on:
a) date of corporate action;
b) stock split ratio, reverse stock, dividend, bonus shares, and change in par value of shares;
N.A
c) number of outstanding shares prior to and after corporate action; and
d) The number of convertible securities exercised (if any); and
e) share price prior to and after corporate action;
3) in the event that the company’s shares were suspended and/or delisted from trading during the year under review, then the Issuers
N.A
or Public Company should provide explanation on the reason for the suspension and/or delisting; and
4) in the event that the suspension and/or delisting as referred to in point 3) was still in effect until the date of the Annual Report,
then the Issuer or the Public Company should also explain the corporate actions taken by the company in resolving the suspension N.A
and/or delisting;
c. The Board of Directors Report 12-15
The Board of Directors Report should at least contain the following items:
1) the performance of the Issuer or Public Company, at least covering:
a) strategy and strategic policies of the Issuer or Public Company;
b) Role of the Board of Directors in formulating strategies and strategic policies of Issuers or Public Companies;
c) Process carried out by the Board of Directors to ensure the implementation of the Issuer’s or Public Company’s strategy;
d) comparison between achievement of results and targets; and
e) challenges faced by the Issuer or Public Company;
2) description on business prospects;
3) implementation of good corporate governance by Issuer or Public Company; and 15
4) changes in the composition of the Board of Directors and the reason behind (if any); -
d. The Board of Commissioners Report
The Board of Commissioners Report should at least contain the following items:
1) Assessment on the performance of the Board of Directors in managing the Issuer or the Public Company; 11
2) Supervision on the implementation of the strategy of the Issuer or Public Company; 10
3) View on the business prospects of the Issuer or Public Company as established by the Board of Directors; 11
4) View on the implementation of the corporate governance by the Issuer or Public Company; 11
5) Changes in the composition of the Board of Commissioners and the reason behind (if any); and
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e. Profile of the Issuer or Public Company
Profile of the Issuer or Public Company should cover at least:
1) Name of Issuer or Public Company, including change of name, reason of change, and the effective date of the change of name
80
during the year under review;
2) access to Issuer or Public Company, including branch office or representative office, where public can have access of information
81
of the Issuer or Public Company, which include:
a) Address;
b) Telephone number;
c) Facsimile number;
d) E-mail address; and
e) Website address;
3) Brief history of the Issuer or Public Company; 52
4) Vision and mission of the Issuer or Public Company; 55
5) Line of business according to the latest Articles of Association, and types of products and/or services produced; 80
6) Operational area of the Issuer or Public Company 2-3
7) Structure of organization of the Issuer or Public Company in chart form, at least 1 (one) level below the Board of Directors, with the
126
names and titles;
8) List of industry association memberships both on a national and international scale related to the implementation of sustainable
124-125
finance;
9) The Board of Directors profiles include: 58-59
a) Name and short description of duties and functions;
b) Latest photograph;
c) Age;
d) Citizenship;
e) Education;
f) history position, covering information on:
(1) Legal basis for appointment as member of the Board of Directors to the said Issuer or Public Company;
(2) Dual position, as member of the Board of Directors, member of the Board of Commissioners, and/or member of
committee, and other position (if any); and
(3) Working experience and period in and outside the Issuer or Public Company;
g) Affiliation with other members of the Board of Directors, members of the Board of Commissioners, majority and controlling
shareholders, either directly or indirectly to individual owners, including names of affiliated parties. In the event that a
member of the Board of Directors has no affiliation, the Issuer or Public Company shall disclose this matter; and
h) Changes in the composition of the members of the Board of Directors and the reasons for the changes. In the event that
there is no change in the composition of the members of the Board of Directors, this matter shall be disclosed;
10) The Board of Commissioners profiles, at least include: 57
a) Name;
b) Latest photograph;
c) Age;
d) Citizenship;
e) Education;
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f) History position, covering information on:
(1) Legal basis for the appointment as member of the Board of Commissioners who is not Independent Commissioner at
the said Issuer or Public Company;
(2) Legal bases for the first appointment as member of the Board of Commissioners who also Independent Commissioner
at the said Issuer or Public Company;
(3) Dual position; as member of the Board of Commissioners, member of the Board of Directors, and/or member of
committee and other position (if any); and
(4) Working experience and period in and outside the Issuer or Public Company;
g) Affiliation with other members of the Board of Commissioners, major shareholders, and controllers either directly or indirectly
to individual owners, including names of affiliated parties; In the event that a member of the Board of Commissioners has no
affiliation, the Issuer or Public Company shall disclose this matter;
h) Statement of independence of Independent Commissioner in the event that the Independent Commissioner has been
appointed more than 2 (two) periods (if any);
i) Changes in the composition of the members of the Board of Commissioners and the reasons for the changes. In the event
that there is no change in the composition of the members of the Board of Commissioners, this matter shall be disclosed;
11) In the event that there were changes in the composition of the Board of Commissioners and/or the Board of Directors occurring
between the period after year-end until the date the Annual Report submitted, then the last and the previous composition of the N.A
Board of Commissioners and/or the Board of Directors shall be stated in the Annual Report;
12) Number of employees by gender, position, age, education level, and employment status (permanent/contracted) in the fiscal year;
65-66
Disclosure of information can be presented in tabular form.
13) Names of shareholders and ownership percentage at the end of the fiscal year, including:
a) Shareholders having 5% (five percent) or more shares of Issuer or Public Company; 71
b) Commissioners and Directors who own shares of the Issuers or Public Company; and 72
c) Groups of public shareholders, or groups of shareholders, each with less than 5% (five percent) ownership shares of the
71
Issuers or Public Company;
14) The percentage of indirect ownership of the shares of the Issuer or Public Company by members of the Board of Directors and
members of the Board of Commissioners at the beginning and end of the fiscal year, including information on shareholders
registered in the shareholder register for the benefit of indirect ownership of members of the Board of Directors and members of
the Board of Commissioners;
15) Number of shareholders and ownership percentage at the end of the fiscal year, based on:
a) Ownership of local institutions; 71
b) Ownership of foreign institutions; 71
c) Ownership of local individual; and 71
d) Ownership of foreign individual; 71
16) Information on major shareholders and controlling shareholders the Issuers of Public Company, directly or indirectly, and also
individual shareholder, presented in the form of scheme or diagram;
17) Name of subsidiaries, associated companies, joint venture controlled by Issuers or Public Company, with entity, percentage of
48-49
stock ownership, line of business, total assets and operating status of the Issuers of Public Company (if any);
For subsidiaries, include the addresses of the said subsidiaries; 81
18) Chronology of share listing, number of shares, par value, and bid price from the beginning of listing up to the end of the financial
71
year, and name of Stock Exchange where the Issuers of Public Company shares are listed;
19) Other securities listing information other than the securities as referred to in number 18), which have not yet matured in the fiscal
year, at least contain the name of the securities, year of issue, interest rate/yield, maturity date, offering value, and securities rating 73-79
(if any);
20) Information on the use of a Public Accountant (AP) and a Public Accounting firm (KAP) services and their networks/associations/
alliances include:
120
a) name and address;
b) period of assignment;
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c) informasi jasa audit dan/atau non audit yang diberikan;
d) Audit and/or non-audit fees for each assignment given during the fiscal year; and
e) In the event that AP and KAP and their network/association/alliance, which are appointed do not provide non-audit services,
then the information is disclosed; and
21) Name and address of capital market supporting institutions and/or professionals other than AP and KAP 81
f. Management Discussion and Analysis
Management Analysis and Discussion Annual should contain discussion and analysis on financial statements and other material
information emphasizing material changes that occurred during the year under review, at least including:
1) Operational review per business segment, according to the type of industry of the Issuer or Public Company including: 28-48
a) Production, including process, capacity, and growth;
b) Income/sales; and
c) Profitability;
2) comprehensive financial performance analysis which includes a comparison between the financial performance of the last 2 (two)
20-25
fiscal years, and explanation on the causes and effects of such changes, among others concerning:
a) Current assets, non-current assets, and total assets;
b) Short term liabilities, long term liabilities, total liabilities;
c) Equities;
d) Sales/operating revenues, expenses and profit (loss), other comprehensive revenues, and total comprehensive profit (loss);
and
e) Cash flows
3) The capacity to pay debts by including the computation of relevant ratios; 68
4) Accounts receivable collectability of the Issuer or Public Company, including the computation of the relevant ratios;
5) Capital structure and management policies concerning capital structure, including the basis for determining the said policy; 23
6) discussion on material ties for the investment of capital goods, including the explanation on at least: 23
a) The purpose of such ties;
b) Source of funds expected to fulfill the said ties;
c) Currency of denomination; and
d) Steps taken by the Issuer of Public Company to protect the position of a related foreign currency against risks;
7) Discussion on investment of capital goods which was realized in the last fiscal year, at least include: 23
a) Type of investment of capital goods;
b) Objective of the investment of capital goods; and
c) Value of the investment of capital goods;
8) Material Information and facts that occurring after the date of the accountant’s report (if any);
9) Information on the prospects of the Issuer or the Company in connection with industry,economy in general, accompanied with
24
supporting quantitative data if there is a reliable data source;
10) Comparison between target/projection at beginning of year and result (realization), concerning:
a) Income/sales;
b) Profit (loss);
c) Capital structure; or
d) Dividend policy; or
e) Others that deemed necessary for the Issuer or Public Company;
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11) Target/projection at most for the next one year of the Issuer or Public Company, concerning:
a) Income/sales;
b) Profit (loss);
c) Capital structure; or
d) Dividend policy;
e) Or others that deemed necessary for the Issuer or Public Company;
12) Marketing aspects of the company’s products and/or services the Issuer or Public Company, among others marketing strategy and
market share;
13) Description regarding the dividend policy during the last 2 (two) fiscal years, at least: 23
a) Dividend policy;
b) The date of the payment of cash dividend and/or date of distribution of non-cash dividend;
c) Amount of cash per share (cash and/or non cash); and
d) Amount of dividend per year paid;
Disclosure of information can be presented in tabular form. In the event that the Issuer or Public Company does not distribute
dividends in the last 2 (two) years, this matter shall be disclosed.
14) Use of proceeds from Public Offerings, under the condition of:
a) during the year under review, on which the Issuer has the obligation to report the realization of the use of proceeds, then the
realization of the cumulative use of proceeds until the year end should be disclosed; and
b) In the event that there were changes in the use of proceeds as stipulated in the Regulation of the Financial Services
Authority on the Report of the Utilization of Proceeds from Public Offering, then Issuer should explain the said changes;
15) Material information (if any), among others concerning investment, expansion, divestment, acquisition, debt/capital restructuring,
transactions with related parties and transactions with conflict of interest that occurred during the year under review, among
others include:
a) Transaction date, value, and object;
b) Name of transacting parties;
c) Nature of related parties (if any);
d) Description of the fairness of the transaction; and
e) Compliance with related rules and regulations;
f) In the event that there is an affiliation relationship, apart from disclosing the information as referred to in letter a) to letter e),
the Issuer or Public Company also discloses information:
1) A statement from the Board of Directors that the affiliate transaction has gone through adequate procedures to
ensure that the affiliate transaction is carried out in accordance with generally accepted business practices, by
complying with the arms-length principle; and
2) The role of the Board of Commissioners and the audit committee in carrying out adequate procedures to ensure that
affiliated transactions are carried out in accordance with generally accepted business practices, by complying with the
arms-length principle;
g) For affiliated transactions or material transactions which are business activities carried out to generate business income
and are carried out regularly, repeatedly, and/or continuously, an explanation is added that the affiliated transactions or
material transactions are business activities carried out to generate operating income. and run regularly, repeatedly, and/or
continuously;
h) For disclosure of affiliated transactions and/or conflict of interest transactions resulting from the implementation of affiliated
transactions and/or conflict of interest transactions that have been approved by independent shareholders, additional
information regarding the date of the GMS which approved the affiliated transactions and/or conflict of interest transactions
is added;
i) In the event that there is no affiliated transaction and/or conflict of interest transaction, then this shall be disclosed;
16) Changes in regulation which have a significant effect on the Issuer or Public Company and impacts on the company (if any); and
17) Changes in the accounting policy, rationale and impact on the financial statement (if any);
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g. Good Corporate Governance of the Issuer or Public Company
Good Corporate Governance of the Issuer or Public Company contains at least:
1) GMS, at least contains: 92-94
a) Information regarding the resolutions of the GMS in the fiscal year and 1 (one) year prior to the fiscal year include:
1) Resolutions of the GMS in the fiscal year and 1 (one) year before the fiscal year realized in the fiscal year; and
2) Resolutions of the GMS in the fiscal year and 1 (one) year before the fiscal year that have not been realized and the
reasons for not realizing them;
b) In the event that the Issuer or Public Company uses an independent party in the conduct of the GMS to calculate the votes,
then this matter shall be disclosed;
2) The Board of Directors, covering: 98-99
a) The tasks and responsibilities of each member of the Board of Directors;
b) Statement that the Board of Directors has already have board manual or charter;
c) Policies and implementation of the frequency of meetings of the Board of Directors, meetings of the Board of Directors with
the Board of Commissioners, and the level of attendance of members of the Board of Directors in the meeting including
attendance at the GMS;
d) Training and/or competency development of members of the Board of Directors:
(1) Policies for training and/or improving the competence of members of the Board of Directors, including an orientation
program for newly appointed members of the Board of Directors (if any); and
(2) Training and/or competency improvement attended by members of the Board of Directors in the fiscal year (if any);
e) The Board of Directors’ assessment of the performance of the committees that support the implementation of the Board of
Directors’ duties for the fiscal year shall at least contain:
(1) Performance appraisal procedures; and
(2) The criteria used are performance achievements during the fiscal year, are competence and attendance at meetings;
and
f) In the event that the Issuer or Public Company does not have a committee that supports the implementation of the duties of
the Board of Directors, this matter shall be disclosed.
3) The Board of Commissioners, among others include: 95-97
a) Duties and responsibilities of the Board of Commissioners;
b) Statement that the Board of Commissioners has already have the board manual or charter;
c) Policies and implementation of the frequency of meetings of the Board of Commissioners, meetings of the Board of
Commissioners with the Board of Directors and the level of attendance of members of the Board of Commissioners in these
meetings including attendance at the GMS;
d) Training and/or competency improvement of members of the Board of Commissioners:
(1) Policy on competency training and/or development of members of the Board of Commissioners, including orientation
programs for newly appointed members of the Board of Commissioners (if any); and
(2) Competency training and/or development attended by members of the Board of Commissioners in the fiscal year (if
any);
e) The assessment on the performance of the Board of Directors and Board of Commissioners and the implementation, at least
covering:
(1) procedure for the implementation of performance assessment;
(2) Criteria used are performance achievements during the fiscal year, competency and attendance at meetings; and
(3) Assessor;
f) Board of Commissioners’ assessment of the performance of the Committees that support the implementation of the duties
of the Board of Commissioners in the fiscal year includes:
(1) Performance appraisal procedures; and
(2) The criteria used are performance achievements during the fiscal year, competency and attendance at meetings;
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4) The nomination and remuneration of the Board of Directors and the Board of Commissioners shall at least contain: 101-102
a) Nomination procedure, including a brief description of the policies and process for nomination of members of the Board of
Directors and/or members of the Board of Commissioners; and
b) Procedures and implementation of remuneration for the Board of Directors and the Board of Commissioners, among others:
(1) Procedures for determining remuneration for the Board of Directors and the Board of Commissioners;
(2) The remuneration structure of the Board of Directors and the Board of Commissioners such as salary, allowances,
tantiem/bonus and others; and
(3) The amount of remuneration for each member of the Board of Directors and member of the Board of Commissioners
5) Sharia Supervisory Board, for Issuer or Public Company that conduct business based on sharia law, as stipulated in the articles of
N.A.
association, at least containing:
a) name;
b) Legal basis for the appointment of the sharia supervisory board;
c) Period of assignment of the sharia supervisory board;
d) duty and responsibility of Sharia Supervisory Board; and
e) frequency and procedure in providing advice and suggestion, as well as the compliance of Sharia Principles by the Issuer or
Public Company in the Capital Market;
6) Audit Committee, among others covering: 103-105
a) Name and position in the committee;
b) Age;
c) Citizenship;
d) Education background;
e) History of position; including:
(1) Legal basis for appointment as committee member;
(2) Dual position, as member of Board of Commissioners, member of Board of Directors, and/or member of committee,
and other position (if any); and
(3) working experience and period in and outside the Issuer or Public Company;
f) Period and terms of office of the member of Audit Committee;
g) statement of independence of the Audit Committee;
h) Training and/or competency improvement that have been followed in the fiscal year (if any);
i) Policies and implementation of the frequency of audit committee meetings and the level of attendance of audit committee
members in those meetings; and
j) the activities of the Audit Committee in the year under review, in accordance with the Audit Committee Charter;
7) The nomination & remuneration committee or function of the Issuer or Public Company, at least containing: 106-108
a) Name and position in committee membership;
b) Age;
c) Nationality;
d) Educational history;
e) Position history, including information on:
(1) Legal basis for appointment as committee member;
(2) Concurrent positions, either as a member of the Board of Commissioners, member of the Board of Directors, and/or
committee member and other positions (if any); and
(3) Work experience and period of time both inside and outside the Issuer or Public Company;
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f) Period and term of office of the committee members;
g) Statement of committee independence;
h) Training and/or competency improvement that have been followed in the fiscal year (if any);
i) Description of duties and responsibilities;
j) A statement that it has a guideline or charter;
k) Policies and implementation of the frequency of meetings and the level of attendance of members at the meeting;
l) Brief description of the implementation of activities in the fiscal year; and
m) In the event that no nomination & remuneration committee is formed, the Issuer or Public Company is sufficient to disclose
the information as referred to in letter i) to letter l) and disclose:
(1) Reasons for not forming the committee; and
(2) The party carrying out the nomination and remuneration function;
8) Other committees owned by Issuers or Public Companies in order to support the functions and tasks of the Board of Directors (if
109-110
any) and / or committees that support the functions and duties of the Board of Commissioners, the least contains:
a) Name and position in the Committee;
b) Age;
c) Citizenship;
d) Education background;
e) History of position, including:
(1) Legal basis for the appointment as member of the committee;
(2) Dual position, as member of Board of Commissioners, member of Board of Directors, and/or member of committee,
and other position (if any); and
(3) Working experience and period in and outside the Issuer or Public Company;
f) Period and terms of office of the member of Audit Committee;
g) Statement of committee independence;
h) Training and/or competency improvement that have been followed in the fiscal year (if any); and
i) Description of duties and responsibilities;
j) A statement that the committee has had guidelines or charters;
k) Policies and implementation of the frequency of committee meetings and the level of attendance of committee members at
the meeting; and
l) A brief description of the committee’s activities for the fiscal year;
9) Corporate Secretary, including: 111-112
a) name;
b) domicile;
c) history of position, including:
(1) legal basis for the appointment as Corporate Secretary; and
(2) working experience and period in and outside the Issuer or Public Company;
d) education background;
e) education and/or training during the year under review; and
f) brief description on the implementation of duties of the Corporate Secretary in the year under review;
10) Internal Audit Unit, among others including: 112-115
a) Name of Head of Internal Audit Unit;
b) History of position, including:
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(1) Legal basis for the appointment as Head of Internal Audit Unit; and
(2) Working experience and period in and outside the Issuer or Public Company;
c) Qualification or certification as internal auditor (if any);
d) Education and/or training during the year under review;
e) Structure and position of Internal Audit Unit;
f) Description of duties and responsibilities;
g) Statement that the Internal Audit Unit has already have Internal Audit Unit charter; and
h) Brief description on the implementation of duty of Internal Audit Unit during the year under review;
11) Description on internal control system adopted by the Issuer or Public Company, at least covering: 114-115
a) Financial and operational control, and compliance to the other prevailing rules; and
b) Review on the effectiveness of internal control systems;
c) Statement of the Board of Directors and/or Board of Commissioners on the adequacy of the internal control system;
12) Risk management system implemented by the company, at least includes: 108-109
a) General description about the company’s risk management system the Issuer or Public Company;
b) Types of risk and the management; and
c) Review the effectiveness of the risk management system applied by the Issuer or Public Company;
d) Statement of the Board of Directors and/or the Board of Commissioners or the audit committee on the adequacy of the risk
management system;
13) Legal cases that have a material impact faced by Issuers or Public Companies, subsidiaries, members of the Board of Directors
and members of the Board of Commissioners (if any), at least contain:
a) Substance of the case/claim;
b) Status of settlement of case/claim; and
c) Potential impacts on the condition of the Issuer or Public Company;
14) information about administrative sanctions imposed to Issuer or Public Company, members of the Board of Commissioners and
the Board of Directors, by the Capital Market Authority and other authorities during the last fiscal year (if any);
15) information about codes of conduct of the Issuer or Public Company, includes: 110-111
a) Key points of the code of conduct;
b) Socialization of the code of conduct and enforcement; and
c) Statement that the code of conduct is applicable for the Board of Commissioners, the Board of Directors, and employees of
the Issuer of Public Company;
16) A brief description of the policy of providing long-term performance-based compensation to management and/or employees
owned by the Issuer or Public Company (if any), including the management stock ownership program (MSOP) and/or program 117-119
employee stock ownership (ESOP);
a) Number of shares and/or options;
b) Implementation period;
c) Requirements for eligible employees and/or management; and
d) Exercise price or determination of exercise price;
17) A brief description of the information disclosure policy regarding: 119
a) Share ownership of members of the Board of Directors and members of the Board of Commissioners no later than 3 (three)
working days after the occurrence of ownership or any change in ownership of shares of a Public Company; and
b) Implementation of the policy;
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18) Description of whistleblowing system at the Issuer or Public Company (if any), among others include: 116-117
a) Mechanism for violation reporting;
b) Protection for the whistleblower;
c) Handling of violation reports;
d) Unit responsible for handling of violation report; and
e) Results from violation report handling, at least includes:
(1) Number of complaints received and processed during the fiscal year; and
(2) Follow up of complaints;
19) A description of the anti-corruption policy of the Issuer or Public Company, at least containing:
a) Programs and procedures implemented in overcoming corrupt practices, kickbacks, fraud, bribery and/or gratification in
Issuers or Public Companies; and
b) Anti-corruption training/socialization to employees of Issuers or Public Companies;
20) Implementation of the Guidelines of Corporate Governance for Public Companies for Issuer issuing Equity-based Securities or
Public Company, including:
a) statement regarding recommendation that have been implemented; and/or
b) description of recommendation that have not been implemented, along with the reason and alternatives of implementation
(if any);
h. Social and Environmental Responsibility of the Issuer or Public Company N.A
1) The information disclosed in the social and environmental responsibility section is a Sustainability Report as referred to in the
Financial Services Authority Regulation Number 51/POJK.03/2017 concerning the Implementation of Sustainable Finance for
Financial Services Institutions, Issuers, and Public Companies, at at least includes:
a) Explanation of the sustainability strategy;
b) Overview of sustainability aspects (economic, social, and environmental);
c) Brief profile of the Issuer or Public Company;
d) Explanation of the Board of Directors;
e) Sustainability governance;
f) Sustainability performance;
g) Written verification from an independent party, if any;
h) Feedback sheet for readers, if any; and
i) The response of the Issuer or Public Company to the previous year’s report feedback;
2) The Sustainability Report as referred to in number 1) must be prepared in accordance with the Technical Guidelines for the
Preparation of a Sustainability Report for Issuers and Public Companies as contained in Appendix II which is an integral part of this
Financial Services Authority Circular Letter;
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3) Information on the Sustainability Report in number 1) can:
a) Disclosed in other relevant sections outside the Social and Environmental Responsibility section, such as the Directors’
explanation regarding the Sustainability Report disclosed in the section related to the Directors’ Report; and/or
b) Refers to other sections outside the Social and Environmental Responsibility section by still referring to the Technical
Guidelines for the Preparation of Sustainability Reports for Issuers and Public Companies as listed in Appendix II which is an
integral part of this Financial Services Authority Circular Letter, such as the profile of the Issuer or Public Company;
4) The Sustainability Report as referred to in number 1) is an inseparable part of the Annual Report but can be presented separately
from the Annual Report;
5) In the event that the Sustainability Report is presented separately from the Annual Report, the information disclosed in the
Sustainability Report must:
a) Contains all the information as referred to in number 1); and
b) Prepared in accordance with the Technical Guidelines for the Preparation of a Sustainability Report for Issuers and Public
Companies as listed in Appendix II which is an integral part of this Financial Services Authority Circular Letter;
6) In the event that the Sustainability Report is presented separately from the Annual Report, then the Social and Environmental
Responsibility section contains information that information on Social and Environmental Responsibility has been disclosed in the
Sustainability Report which is presented separately from the Annual Report; and
7) Submission of the Sustainability Report which is presented separately from the Annual Report must be submitted together with
the Annual Report.
i Audited Annual Financial Statement 141-502
Financial Statements included in Annual Report should be prepared in accordance with the Financial Accounting Standards in Indonesia
and audited by an Accountant. The said financial statement should be included with statement of responsibility for financial report as
stipulated in the legislations in the Capital Markets sector governing the responsibility of the Board of Directors on the financial report or
the legislations in the Capital Markets sector governing the periodic reports of securities company in the event the Issuer is a Securities
Company; and
j Letter of Statement of the Board of Directors and the Board of Commissioners regarding the Responsibility for Annual Reporting 121
Letter of statement of the Board of Directors and the Board of Commissioners regarding the responsibility for Annual Reporting should
be prepared according to the format of letter of statement of member of Board of Directors and the Board of Commissioners regarding
the responsibility for Annual Reporting as attached in the Attachment, which is an integral part of this Circulation Letter of the Financial
Services Authority.
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142 PT Medco Energi Internasional Tbk 2023 Annual Report
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EXPANDING OUR HORIZONS 2023 Annual Report PT Medco Energi Internasional Tbk 143
Page 146
2023 A N N U A L
R E P O R T
EXPANDING OUR
HORIZONS
PT Medco Energi Internasional Tbk
The Energy Building 53rd Floor
SCBD Lot 11A
Jl. Jend. Sudirman, Jakarta 12190
Indonesia
P. +62-21 2995 3000
F. +62-21 2995 3001
Website : www.medcoenergi.com
Names mentioned 183 people and organisations named in the text · linked when the evidence is strong
unresolved
person
Raisis Arifin Panigoro. Committee. All
p.13
unresolved
person
Raisis
p.13 ×2
unresolved
org
PT Amman Mineral Internasional MedcoEnergi
p.15
unresolved
org
PT Energi Listrik Batam
p.16
unresolved
person
Raisis Arifin We
p.17
unresolved
person
Executive
· President Director
p.17 ×2
unresolved
org
Indonesia Stock Exchange
p.18 ×19
unresolved
org
PT TJB Power
p.19
unresolved
org
Ministry of Environment & Forestry
p.19 ×2
unresolved
org
Ministry of Energy and Mineral Resources Subroto Award
p.19
unresolved
org
Ministry of Energy and Mineral Resources
p.19 ×2
unresolved
org
Ministry of Manpower
p.19 ×2
unresolved
org
Ministry of Energy and Mineral Resources Gold PROPER
p.19
unresolved
org
Ministry of Finance
p.19
unresolved
org
Profile Financial Review Anthony R. Mathi
· Director
p.22
unresolved
org
PT Medco E
p.26 ×19
unresolved
org
Energi Madura Offshore Pty. Ltd.
p.26
unresolved
org
PT Sarana Cepu
p.26
unresolved
org
P Grissik Ltd.
p.26 ×11
unresolved
org
PT ESG
p.26
unresolved
org
PT Medco
p.26 ×5
unresolved
org
PT Pupuk Sriwidjaja Palembang
p.26 ×3
unresolved
org
PT PLN (Persero)
p.26
unresolved
org
PT Mitra Energi Buana
p.26
unresolved
org
Medco Energi Madura Offshore Pty. Ltd.
p.26 ×3
unresolved
org
Offshore Pty. Ltd.
p.26
unresolved
org
PT PLN PSC
p.26
unresolved
org
PT Maxpower
p.26
unresolved
org
Medco Energi Sampang Pty. Ltd.
p.26 ×2
unresolved
org
Singapore Petroleum Sampang Ltd
p.26
unresolved
org
Natuna Ltd.
p.26
unresolved
org
Sembcorp Gas Pte. Ltd.
p.26
unresolved
org
PT Pertagas Niaga
p.26 ×2
unresolved
org
PT Pertamina Hulu Rokan E
p.26
unresolved
org
PT Pertamina Hulu Energi Tomori Sulawesi
p.26 ×2
unresolved
org
Grissik Ltd.
p.26
unresolved
org
Medco Energi Global Pte. Ltd.
p.27 ×5
unresolved
org
PT Energasindo
p.27
unresolved
org
Glencore Singapore Pte. Ltd.
p.27 ×4
unresolved
org
PT Pupuk Sriwidjaja
p.27
unresolved
org
Pte. Ltd.
p.27 ×6
unresolved
org
P Tarakan Negara Tbk
p.27
unresolved
org
PT. Kilang Pertamina Internasional
p.27
unresolved
org
Medco Energi Thailand Negara Tbk
p.27
unresolved
org
Negara Tbk
p.27
unresolved
org
PT Pertamina EP
p.27
unresolved
org
Energi Sampang Pty. Ltd.
p.27
unresolved
org
PT Multi Color Indonesia
p.27
unresolved
org
PT Kimia Yasa
p.27
unresolved
org
PT Pembangunan Glencore Singapore Pte. Ltd.
p.27
unresolved
org
Ministry of Environment and Forestry. During
p.35
unresolved
org
PT Pertamina Hulu
p.35
unresolved
org
PT Kayan LNG
p.36
unresolved
org
P Natuna Ltd.
p.37
unresolved
org
PT Medco Daya Natuna
p.37
unresolved
org
Prime Natuna Inc.
p.37
unresolved
org
PT Pertamina Hulu Energi Corridor
p.37
unresolved
org
PT Medco Daya Energi Nusantara
p.37
unresolved
org
PT Medco Daya Makmur
p.37
unresolved
org
PT Bahtera Daya Makmur
p.37
unresolved
org
PT Sumsel Energi Gemilang
p.37
unresolved
org
Cue Sampang Energy Pty Ltd
p.37
unresolved
org
Medco Energi Bangkanai Limited
p.37
unresolved
org
PT Saka Bangkanai Klemantan
p.37
unresolved
org
PT Pertamina Hulu Energi Simenggaris
p.37
unresolved
org
Medco Energi West Bangkanai Limited
p.37
unresolved
org
PT Saka Energi Bangkanai Barat
p.37
unresolved
org
PT Medco Energi Natuna Timur
p.37
unresolved
org
PT Medco Energi Beluga
p.37
unresolved
org
Oil Corporation
p.38
unresolved
org
APICO LLC
p.39 ×2
unresolved
org
Premier Oil Vietnam Offshore B.V.
p.39
unresolved
org
PetroVietnam Exploration Production Corporation Ltd.
p.39
unresolved
org
Calvalley Petroleoum Ltd
p.39
unresolved
org
Hood Oil Ltd
p.39
unresolved
org
Medco Oman LLC
p.39 ×2
unresolved
org
Medco International Enterprise Ltd.
p.39
unresolved
org
Medco Arabia Ltd.
p.39
unresolved
org
Biyaq Oilfield Services LLC
p.39
unresolved
org
Tethys Oil Oman Onshore Ltd.
p.39
unresolved
org
Intaj LLC
p.39
unresolved
org
Medco International Ventures Ltd.
p.39 ×2
unresolved
org
National Oil Corporation
p.39
unresolved
org
PT Medco Ratch Power Riau
p.43
unresolved
org
Mitsui Oil Exploration Co. Ltd.
p.43
unresolved
org
PT Mitra Energi Batam
p.43
unresolved
org
PacificLight Renewables Pte Ltd
p.43
unresolved
org
PT PLN Batam
p.44
unresolved
org
PT Telkom
p.44
unresolved
org
PT Telkom Data Ekosistem. Power Generated Sales
p.44
unresolved
org
PT Amman Mineral Nusa Tenggara
p.46 ×2
unresolved
org
Directorate General of Mineral and Coal
p.47
unresolved
org
PT Amman Mineral Industri
p.48
unresolved
org
PT Medco Energi Revegetation
p.49
unresolved
org
Batu Internasional Tbk
p.49
unresolved
org
PT Api Metra Graha
p.50 ×2
unresolved
org
PT Mitra Energi Gas Sumatera
p.50 ×2
unresolved
org
PT Exspan Petrogas Intranusa
p.50 ×3
unresolved
org
PT Satria Raksa Buminusa
p.50 ×2
unresolved
org
PT Donggi-Senoro LNG
p.51
unresolved
org
Transasia Pipeline Pvt. Ltd
p.51
unresolved
org
PT Meta
p.54
unresolved
org
PT Meta Epsi Pribumi Drilling Company Giant
p.54
unresolved
org
PT Meta Epsi Pribumi Going West
p.54
unresolved
org
Ophir Energi Corporation
p.54
unresolved
org
Minister of Foreign Affairs
p.58
unresolved
org
Minister of People’s Welfare
p.58
unresolved
—
American
· President Commissioner
p.59
unresolved
—
GCG Committee
· Commissioner
p.59
unresolved
org
PT Medco Duta
p.59
unresolved
org
PT Medco Intidinamika
p.59 ×2
unresolved
org
PT APRAMESIS
p.59
unresolved
org
PT Ravotri Prima Investama
p.59
unresolved
org
PT Independent Commissioner Amman Mineral Industri
p.59
unresolved
org
PT Medco Daya Abadi Lestari
p.59 ×3
unresolved
org
PT Multi Fabrindo Gemilang
p.59
unresolved
org
PT Medco Agro.
p.59
unresolved
org
Minister of Finance
p.59
unresolved
org
Minister of Justice
p.59
unresolved
—
IPA
· Director
p.61
unresolved
—
Anthony R. Mathi
· Director
p.61 ×2
unresolved
org
PT Medco EnergiThe Energy Building
p.69
unresolved
person
Imas Fatimah
· Notaris
p.82 ×2
unresolved
org
Ministry of Justice
p.82
unresolved
person
Siendy K. Wisandana
· Corporate Secretary
p.82 ×2
unresolved
org
Internasional Tbk
p.83
unresolved
org
PT Medco Power Indonesia Medco Energi Global Pte
p.83
unresolved
org
PT Amman Mineral Nusa Tenggara Bait Al Reem
p.83
unresolved
org
PT Pemeringkat Efek Stock Exchange Building Tower
p.83
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.83
unresolved
org
Fitch Ratings Singapore Pte Ltd.
p.83
unresolved
org
Singapore Pte. Ltd.
p.83
unresolved
org
Ministry of Environment and Forestry
p.90
unresolved
person
Leolin Jayayanti
p.94
unresolved
org
Financial Services Authority
p.94 ×5
unresolved
org
Bank Indonesia
p.95 ×2
unresolved
person
Yaser R. A. Panigoro
· Commissioner
p.97 ×10
unresolved
—
Served
· Chairman
p.99
unresolved
org
Bank Mandiri Forum
p.102
unresolved
—
Marsillam Simandjuntak – Independent
· Chair
p.104 ×24
unresolved
—
Roberto Lorato – CEO
· Member
p.104 ×20
unresolved
—
Anthony R. Mathias – CFO
· Member
p.104 ×17
unresolved
—
Amri Siahaan – CAO
· Member
p.104 ×14
unresolved
—
Ronny Siahaan
p.105 ×3
unresolved
person
Ferry Sanjaya
· Member
p.106 ×3
unresolved
org
PT Indonesia Hijau Dwidaya
p.106
unresolved
org
PT Indonesia Hijau Papan. Hendry
p.106
unresolved
org
Ministry of Finance. He
p.106
unresolved
org
Ferdy & Rekan
p.106
unresolved
person
Training
· Member
p.106 ×2
unresolved
—
Marsillam Simanjuntak
p.107 ×2
unresolved
person
Chair
· Commissioner
p.108
unresolved
person
Affiliate
· Member
p.108 ×2
unresolved
org
PT Satria Raksa Buminusa. She
p.108
unresolved
org
PT Trisaka Adireksa
p.108
unresolved
person
Bambang Subianto. However
p.110
unresolved
—
Firman Dharmawan – Senior Manager
· Secretary
p.111 ×2
unresolved
org
Hadinoto & Partners
p.113
unresolved
org
pursuant to Circular Letter No. 33/SEOJK.04/2022 on Guidelines for Implementing Securities
p.113
unresolved
org
KPPU
p.114 ×2
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