Upstream oil and gas company Energi Mega Persada (ENRG) has secured a syndicated loan of $203 million from Bank of America Merrill Lynch, Bank of India, and Intesa Sanpaolo. The loan facility has a five-year tenor. The company will use the loan to repay the majority of its debts in order to reduce the cost of interest by up to $26 million by 2014–15. ENRG, owned by the Bakrie family, is the biggest upstream oil and gas company in Indonesia. It has been actively acquiring oil and gas blocks in domestic and overseas markets in an endeavour to cater to rising demand from Asia and Africa. During January–September 2013, the company’s production reached 49,000 barrels of oil equivalent per day.
