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Developing the Company Annual Report 2007 Developing the Company and Delivering on Our Goals Cover Story: Contents MedcoEnergi is an integrated domestic energy company with international exploration and production. It is committed Theme 1 to developing and expanding its operations for maximum shareholder and stakeholder value. The main drivers behind Vision, Mission, Corporate Values and Long Term Strategy 2 MedcoEnergi’s future development and growth rest upon the Who is MedcoEnergi 3 completion, within the next 3-5 years, of seven key projects List of Assets and Operation Areas by Country 4 in its current portfolio. The projects involve the successful 2007 World Oil Highlights 5 exploitation of MedcoEnergi’s proven strategic reserves and Five Years Performance Highlights 6 launch of renewable energy projects. The realization of these Operational Highlights 7 seven projects will secure MedcoEnergi’s long-term growth and sustainability for many years to come. Ownership Structure 8 Shares Information 9 Above: President Director, Mr. Hilmi Panigoro cradles a crystal ball symbolizing MedcoEnergi’s MedcoEnergi Group Bond Information 10 commitment to delivery on the seven key Report from the President Commissioner 11 development projects in the Company’s Report from the President Director 14 current portfolio. Corporate Governance 18 Human Resources & Infrastructure 26 Corporate Planning 29 Corporate Finance, Tax and Accounting 33 Corporate Growth 37 Operations Review 42 Oil & Gas E&P Indonesia 43 Oil & Gas E&P International 55 Downstream 63 Power 67 Drilling Services 71 Corporate Social Responsibility & Safety Health Environment 75 Management Discussion and Analysis 81 Supplementary Information 91 The Advisors of MedcoEnergi 92 Board of Commissioners 94 Board of Directors 96 Subsidiary Companies 98 Committees 101 Corporate Structure 102 Organization Structure 104 Glossary 106 Financial Report 108 This Annual Report has been fi led with the Indonesian Capital Market and Financial Institutions Supervisory Board (Bapepam-LK), PT Bursa Efek Indonesia (IDX) and the Lüxembourg Stock Exchange (LuxSE). This Annual Report was prepared to comply with Article 66 Chapter IV of Indonesian Company Law No. 40/2007, Article 17 of PT Medco Energi Internasional Tbk’s (MedcoEnergi) Articles of Association, Rule No X.K.6. of Bapepam Regulation regarding Requirement to File the Annual Report by Publicly Listed Companies (Bapepam’s Rule No. X.K.6.), Point III,2 Rule No. I-A of the Bursa Efek Jakarta (Jakarta Stock Exchange - JSX) Regulation, and Article 28 Chapter XII of the LuxSE regulation. The contents of the Annual Report have been prepared in accordance with the requirement of Bapepam’s Rule No. X.K.6, meanwhile, the Audited Consolidated Financial Statements have been prepared in conformity with Generally Accepted Accounting Principles (GAAP) that are covered by Indonesian Statements of Financial Accounting Standard (PSAK) and the Bapepam Regulations. The Audited Consolidated Financial Statements, except for the consolidated statements of cash fl ows, have been prepared on an accrual basis using the historical concept, except for certain accounts, which are measured on the bases as described in the related accounting policies. The consolidated statements of cash fl ows have been prepared on the accrual basis using the direct method, which classifi es cash fl ows into operating, investing and fi nancing activities. The reporting currency used in the preparation of the consolidated fi nancial statements is the United States Dollar PT Medco Energi Internasional Tbk will hereafter be (US Dollar or USD) . MedcoEnergi has made certain adjustments to prior years to conform with the 2007 referred to as “MedcoEnergi” or “the Company” and presentation. includes all operation and activities of subsidiaries and business units which conduct business on its behalf. These include: PT Medco E&P Indonesia (which directly or indirectly operates or supervises the operation of oil and gas working areas in Indonesia); Medco Energi Global Pte. Ltd. (which directly or indirectly supervises the operation of international oil and gas working areas); PT Medco Downstream Indonesia (which operates methanol Forward Looking Statement plants, an LPG plants, fuel storage and distribution facilities, and future ethanol plants); PT Medco Power Except for the historical statements, this document may contain fi nancial conditions and results of Indonesia (which operates and maintains power operations as well as projections, plans, strategies, policies and objectives of the Company, which may plants) and PT Apexindo Pratama Duta Tbk. (which be treated as forward looking statements within the meaning of applicable laws governing company operates drilling services). The words “joint venture” disclosure. Forward looking statements involve risks and uncertainties that could cause actual results and or “partner” are used to indicate business and other developments to diff er materially from those expressed or implied by this Annual Report. The Company relationships involving cooperation with external does not guarantee that the actions implied by the forward looking statements in this Annual Report will parties on common activities or interests. achieve specifi c results as documented. Developing the Company and Delivering on Our Goals MedcoEnergi’s aim is to continue strengthening its domestic oil and gas exploration and production activities, diversifying its operations to develop a fully integrated domestic energy company with international exploration and production. The main drivers behind MedcoEnergi’s future development and growth rest upon the completion, within the next 3-5 years, of seven key development projects in its current portfolio. The seven key development projects include three gas monetization projects, one in Block A in Aceh Province, one in Lematang in South Sumatra and one in the Senoro-Toili blocks in Central Sulawesi, an Enhanced Oil Recovery (EOR) project in the Rimau block in South Sumatra, the development of oil and associated gas in Block 47 in Libya, the construction of the Sarulla geothermal project in North Sumatra and the operation of an ethanol plant in Lampung. The execution and completion of these seven projects are not without challenges. Each project is unique with specifi c issues including the fi nalization of certain agreements, contract extensions, permits or fi nancing, as well as technical challenges that impact delivery. MedcoEnergi is nevertheless pleased to devote coverage of these projects in this Annual Report, highlighting the status of each project and how the Company intends to develop the seven key development projects and realize value in the shortest time possible. MedcoEnergi is committed to delivering on its goals to shareholders. The completion of these seven key development projects will not only benefi t the Company’s shareholders, but other stakeholders including local communities in which operations are conducted. The collateral benefi ts of these projects will be substantial for job creation, community development and economic growth. MedcoEnergi believes the realization of these seven key development projects will strengthen its position to deliver sustainable long-term value to its stakeholders. MEDCOENERGI 2007: Developing the Company and Delivering on Our Goals 1 To Become the Energy Company of Choice MedcoEnergi’sMedcoEnergi’s VVisionision, Mission and Corporate Values ItIt is our VISION that MedcoEnergi becomes The Energy Company of Choice for our investors, our shareholders, our partners, our employees as well as fforor the public and the communiticommunities.es. TThishis vivisionsion ccanan oonlynly bbee aattainedttained iiff oourur MISSION, to develop profi table investment portfolios from energy resources, is carried out properly and responsibly. MedcoEnergi’sMedcoEnergi’s challenge is toto realizerealize thisthis missionmission whilewhile atat thethe samesame timetime ensuringensuring that each projectproject is executedexecuted onon titime,me, withwith ththee hhighestighest stastandardsndards ooff good corcorporateporate gogovernancevernance and safsafety.ety. AAdditionally,dditionally, ththee CCompanyompany iiss ddedicatededicated toto environmentalenvironmental protectionprotection and preservationpreservation aass wellwell aass thethe implementationimplementation ooff eff ectiveective and sustainable programsprograms forfor corporatecorporate socialsocial responsibility.responsibility. WeWe will meet these challenges throughthrough a continuouscontinuous ccommitmentommitment ttoo a cclearlylearly defi ned set of Corporate VALUES - Professional, Ethical, Open, and Innovative - into the culture of MedcoEnergi. This is how MedcoEnergi maintains its sustainabilitsustainabilityy. Long Term Strategy MedcoEnergi’s Strategy is to become the leading Indonesian energy company through the implementation of seven broad-based strategic objectives, which primarily focus on oil and gas exploration and production activities. These seven broad-based strategic objectives are: 1 Replace and add reserves through 4 Maintain fi nancial fl exibility through exploration and acquisitions. prudent fi nancial structures and cost control. 2 Increase production volumes through the development of reserves and create 5 Build strategic alliances. new markets for uncommitted natural gas. 6 Foster prosperity with local communities and preserve the natural 3 Develop other energy resources and environment. their related businesses to meet the world’s growing demand for energy. 7 Continue
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