The National Oil Corporation (NOC) has announced the resolution of all claims and counterclaims with PT Medco Energi Internasional Tbk.
The settlement, revealed in a statement Friday, allows the NOC to acquire Medco Energi's participating interest in Contract Area 47 of their exploration agreement.
Furthermore, the NOC will now share production and take over Medco Energi's full stake in the operating company, Nafusa Oil Operations BV.
Economy