(Insider Stories) - PT Bank Mandiri (IDX:BMRI) and Standard Chartered Bank's Singapore branch have disbursed a syndicated loan worth US$260 million to PT Medco E&P Tomori Sulawesi, a subsidary of PT Medco Energi Internasional (IDX:MEDC) to be used for upstream development and development of the Senoro-Toili block in Central Sulawesi province.

Bank Mandiri corporate banking director Fransisca Nelwan Mok said the agreement, with a reserve-based lending scheme on oil and gas reserves, was signed Wednesday, 31/7. Bank Mandiri and StanChart has equal portion on the lending distribution or US$130 million each. 

Senoro-Toili is expected to produce 250 mmscfd natural gas, to be supplied to the Donggi Senoro LNG plant. 

In the first half of 2013, Bank Mandiri disbursed IDR20.04 trillion loans to the oil & gas sector, 33.35% higher than the preceding six months, when loans totaled IDR15.03 trillion.