History

About Us

"Medco Group's success was the result of intense hard work
over a period of 40 years."

The History of Medco

Meta Epsi Drilling Company (Medco) was founded by Arifin Panigoro with his colleagues in 1980. Medco’s inception, based on Arifin’s determination to involve in the drilling service business that at that time was still dominated by foreign companies. His tenacity was supported by the government who encouraged local businessmen to participate in the energy sector business development.

Because of the professionalism showed in its work, Medco gained trust from several oil companies. Some of its clients were prestigious companies such as Mobil Oil, Arco, Huffco Indonesia, Total E&P Indonesia, and Pertamina. Based on the achievement of Medco in the drilling services business, Arifin wanted to upgrade Medco from the drilling services into an oil and gas exploration and production company. The first step was purchasing PT Tesoro Indonesia Petroleum Corporation (TIPCO) in Sanga-sanga and Tarakan, East Kalimantan. This step turned out to change Medco from a drilling service company into an energy company.

Not only that, sharp intuition stirred him to start other businesses aside from oil and gas. Many companies were established, such as Multifab (construction and fabrication), Medco Agro (Agribusiness), Bank Woori Saudara (finance and banking), Elga Networks (Information & Technology), Bali SRI Organik (organic rice production), Maleo Luwuk (property), and other companies. Business diversification and business development were done continuously by Medco Group, not only in the energy scope area but also in the non-energy business.

As the success and business ventures have expanded, Medco Group always actively participates in Corporate Social Responsibility (CSR) activities. Medco Group consolidated all CSR activity under one entity, Medco Foundation. Medco CSR is not limited to community economic development in the Medco’s operation area but also covering environmental sustainability and natural disaster relief programs.

Business development that goes along with corporate social responsibility activities is Medco’s way to fulfill its belief to do business with the heart. Medco Group wants to share its success throughout Indonesia and help the country grow and thrive.