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A new production sharing contract (PSC) for an asset off the coast of Malaysia has been awarded to Medco Asia Pacific, a wholly-owned subsidiary of Indonesia’s PT Medco Energi Internasional (MedcoEnergi), Dialog Resources, and EnQuest Petroleum Production Malaysia, a subsidiary of London Stock Exchange-listed energy player EnQuest.
MedcoEnergi’s subsidiary received a letter of award (LOA) in February 2026 from Petroliam Nasional Berhad (Petronas) through Malaysia Petroleum Management (MPM) for the Cendramas PSC, with Medco Asia Pacific, Dialog Resources, and EnQuest Petroleum Production Malaysia as the proposed partners.
Hilmi Panigoro, President Director of MedcoEnergi, commented: “We thank Petronas for the award and the trust to appoint Medco Asia Pacific Limited as operator of the Cendramas PSC. We look forward to working closely with Petronas, Dialog and EnQuest to deliver safe and reliable operations and maximize value from the asset.”
The award remained subject to the execution of the PSC and joint operating agreement (JOA) and other conditions precedent stipulated by Petronas. EnQuest has now confirmed the signing of the Cendramas PSC in Peninsular Malaysia.
Under the terms of the JOA and the Cendramas PSC, the firm will hold a participating interest of 25% in the PSC, alongside DIALOG (25%) and Medco (50% and operator), effective from September 23, 2026.
MedcoEnergi tucked a significant sustainability milestone last year, curbing its Scope 1 and 2 greenhouse gas (GHG) emissions by up to 1.5 million tons of CO2 equivalent (CO2e), compared to its 2019 baseline.
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