Oil and gas Company PT Medco Energi Internasional Tbk plans to spend $320 million on investment in Tunisia to develop an oil and gas block there, the company said in a statement reported Tuesday by Reuters.
The firm said the value of the investment is higher than an earlier target of $127.7 million that was used to acquire concession owner Storm Ventures International and finance its working capital.
Medco aims to boost oil and gas output in Tunisia up to 16,000 barrels of oil equivalents per day. The company expects to complete the project in 2018.
