PT Medco Energi Internasional Tbk (MedcoEnergi), a publicly-listed Indonesian company, launched its first venture to Malaysia with the signing of a Memorandum of Agreement (MoA) with GOM Resources Sdn Bhd.
GOM Resources Chairman Tan Sri Dr Wan Abdul Aziz Wan Abdullah said the new partnership will provide an avenue for technical cooperation on the latest technology available to provide solutions for challenges in exploration between the two companies.
He also hoped that the partnership would allow the sharing of expertise and resources to strengthen energy capacity.
"The purpose of this MoA is to enable GOM to bid for marginal field development projects and risk service contract projects in Malaysia as well as exploration and production regionally," he said in his speech before the MoA signing ceremony here Wednesday.
He added that GOM aims to leverage on these capabilities by creating synergy with MedcoEnergi.
Meanwhile, MedcoEnergi president director and chief executive officer Lukman Mahfoedz said the MoA signing shows the company's continuous effort to look for opportunities to grow in the exploration and production sector.
"We value GOM Resources as a strategic local partner in this new venture and GOM Resources will bring significant contributions to the consortium," he said.
Both companies have further agreed to jointly carry out evaluation and study of technical data to assess the viability of identified opportunities.
The MoA is expected to strengthen the relationship between Malaysia and Indonesia, and includes further developing shared knowledge and collaborative efforts between GOM Resources and MedcoEnergi.
GOM Resources, a service provider for offshore construction services in the Malaysian oil and gas industry, is a wholly-owned subsidiary of Puncak Oil and Gas Sdn Bhd, which in turn is wholly owned by Puncak Niaga Holdings Bhd.
MedcoEnergi is an integrated energy company focusing on exploration and production of oil and gas, with petroleum operations in Indonesia, Oman, Libya, Yemen and the US.
-- BERNAMA