Hilmi Panigoro.
Toto Santiko Budi for Forbes Asia
This story is part of Forbes’ coverage of Indonesia’s Richest 2025. See the full list here.
Oil and gas tycoon Hilmi Panigoro’s Medco Energi Internasional is in expansion mode as it seeks to boost gas output to counter volatile oil prices. In July, it bought energy giant Repsol’s 24% stake in Corridor Block, the country’s third-largest gas producing field, for $425 million, raising its ownership to 70%. In September, it spent $90 million to increase its holdings in two fields nearby, which are slated to begin production by 2027.
In a July statement, Panigoro, Medco’s president director, said the Corridor Block investment, “supports our strategy of owning and developing high-quality, cash-generative assets and reaffirms our commitment to national development where natural gas is a vital bridge to a lower-carbon future.”
For the first nine months of this year, Medco’s sales flatlined at $1.8 billion from a year ago while its bottom line declined by two-thirds to $86 million, impacted by a drop in oil prices. Unfazed, Panigoro has earmarked an additional $430 million toward capital expenditure for next year.