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This profile was last updated on 2/2/12  and contains information from public web pages and contributions from the ZoomInfo community.

Mr. Hilmi Panigoro

Wrong Hilmi Panigoro?

Employment History


  • Bandung Institute of Technology
  • master's degree
    Colorado School of Mines
  • MBA
    Thunderbird School of Global Management
120 Total References
Web References
"We are confident that the... acquisition ..., 9 Oct 2006 [cached]
"We are confident that the... acquisition will bring a significant increase to our oil and gas reserves," said Medco's chief executive Hilmi Panigoro.
Energy News [cached]
Dec. 13 (Bloomberg) -- PT Medco Energi Internasional, Indonesia's biggest publicly traded oil company, and its partners have won drilling rights in two oil fields in Yemen, Medco President Hilmi Panigoro said.
Medco, which will have a 45 percent stake in so-called Block 82 and 83, will be the operator of the areas, Panigoro said in a telephone interview today.
"The areas are located in close vicinity with other producing fields," Panigoro said.
NEWS : Thursday, May/29/2003 13:53:23 GMT+7. : Medco to collaborate with Shell and Mitsui in producing GTL [cached]
National oil company PT Medco International TBK (JSX: MEDC) in collaboration with Shell and Mitsui is currently studying the possibility of producing GTL (Gas Transferred into Liquid), said Medco's president director Hilmi Panigoro in Bandung as quoted from Antara on Monday (May 26).
Panigoro explained that GTL was different from LNG (liquefied natural gas).
Arifin and Hilmi needed almost ..., 22 Feb 2005 [cached]
Arifin and Hilmi needed almost half a billion dollars, and their deadline was six weeks away. Merrill and UOB recommended a leveraged buyout followed by a secondary equity offering. "Arifin and Hilmi made very fast decisions," Suyama recalls.
During a sultry Jakarta evening in late November, Hilmi Panigoro, chief executive officer of PT Medco Energi Internasional, turns to two guests at a sprawling corporate residence. "Maybe I can play the piano for you," he says with a smile.
Panigoro, 52, head of Indonesia's largest publicly traded oil company, is a guitar virtuoso temporarily without his favorite instrument. So he walks across the living room, parks at a black Yamaha grand piano and plays a medley of pieces from memory that combines classical and jazz with a 1971 pop hit called "If."
These are mostly festive times at Medco Energi, the Jakarta-based company founded by Hilmi's older brother Arifin, 62. The Panigoros' assets top $1 billion, according to Hilmi. In a country that long thrived on the business savvy of ethnic Chinese, the brothers - often seen wearing traditional batik shirts - have made their mark as Indonesia's dominant ethnic- Indonesian entrepreneurs.
Only three years ago, the Panigoros were struggling to regain control of Medco Energi after losing a majority stake amid the rippling aftershocks of the 1997 Asian financial crisis. Today, their fortunes are brighter, even in the face of sluggish domestic oil and gas production. In November, Hilmi announced that all five of the wells Medco and its Canadian partner had sunk into the Libyan desert had struck oil.
"If I wanted to jump farther and make a great leap, I needed stronger muscles," Hilmi says of the capital the Mitsubishi deal will produce.
The find, which Hilmi says may hold reserves of as much as 1 billion barrels of crude, resulted from an agreement Medco has with National Oil Corp., Libya's state-run energy company, and Calgary-based Verenex Energy Inc.
The company plans to raise $100 million by selling stakes in its Medco Global unit to private equity firms before a public share offering later this year, according to Hilmi. In addition, Medco is considering bids for its majority stake in PT Apexindo Pratama Duta, an oil-drilling-services company.
Hilmi nearly embarked on a music career. At age 19, he won second prize in a national classical guitar competition and a scholarship to study in Italy. His music teacher advised him that he'd probably started too late to become a world-class artist and should finish his engineering studies instead.
Thunderbird MBA
Hilmi took that advice and graduated from the Bandung Institute of Technology in 1981. He then earned a master's degree from the Colorado School of Mines in Golden, Colorado, and spent a year in Glendale, Arizona, getting an MBA from Thunderbird School of Global Management.
Hilmi predicted last year that the company's oil and gas production would be "flat" in 2008.
Meta Epsi, meaning "electrical engineering," was taken from the first company Arifin founded, according to Hilmi.
Hilmi had spent 15 years as a geologist and senior executive at the Indonesian unit of Houston-based Vico Services Ltd. (formerly Huffco). He joined Medco in 1997, the year the regional financial crisis struck.
Hilmi took charge as CEO in 2001. Today, he says he was "very happy" when Arifin left politics, removing potential conflicts of interest. "When he was in politics, he had to put a certain distance from the company because he was the majority shareholder," Hilmi says. "It was a liability."
As the regional economy clawed its way back, Hilmi focused on Medco's growth.
Three weeks later, Hilmi announced that the Panigoros would fight Temasek. More was at stake than a cold business deal. "The Panigoro family wants to retain national pride by buying back Medco," Hilmi announced at the time.
"To me, business is not only money," he says, reflecting on that pivotal decision today.
Arifin and Hilmi needed almost half a billion dollars, and their deadline was six weeks away. Merrill and UOB recommended a leveraged buyout followed by a secondary equity offering. "Arifin and Hilmi made very fast decisions," Suyama recalls.
Today, Hilmi says his goal for Medco is to more than double its market valuation to $5 billion and reach net income of $500 million by the end of 2012, from $38 million at the end of '06.
"If I can deliver all the projects already in the pipeline today on budget and on time, it will be a $5 billion company," he says.
Once that's accomplished, Hilmi says, he'll step down as CEO and take up teaching geology and petroleum engineering at a university. "That's one way of giving back to society," he says. Arifin already spends most of his time doing philanthropic work through the Medco Foundation, which spends $2 million a year on programs in education, health care, the environment, disaster relief, reforestation and microfinancing.
Removing Debt
Who will guide Medco in the future? It's an open question. Hilmi says he's grooming several managers, none of whom come from the family - including siblings. "I don't consider Medco as a family company," he says.
"My brother and I, for the first time we control the company with no debt at the family level," Hilmi says. "That feels so good."
Hilmi says he's never regretted giving up a career as a classical guitarist. He has a collection of seven of the world's finest guitars, including a Japanese Kohno, whose Professional-J model lists in the U.S. for $6,999, and a flamenco guitar selected for him by the Spanish guitarist Paco Peña. "It's a passion," Hilmi says.
Hilmi's business passion is now focused on shoring up Medco's corps of petroleum engineers and geologists amid keen competition for experienced employees, he says.
The Jakarta Post - Jakob wins Entrepreneur award, 25 Nov 2005 [cached]
The president director of PT Medco Energi Internasional, Hilmi Panigoro, was named Best Entrepreneur in Industry and Manufacturing.
Hilmi joined Medco, founded by his brother businessman-cum-lawmaker Arifin Panigoro, in 1997.
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