Arifin Panigoro founded Medco Energi Internasional in 1980. During this period, the industry was largely controlled by foreign players due to the required capital. Unfazed and determined, Panigoro set up the oil-drilling business with some friends, funded with the help of the government.

Through the years, it has grown to become an international oil and gas company operating in the Middle East, North Africa and the US, breaking national borders and acquiring international oil and gas blocks as well. A major milestone for MedcoEnergi was purchasing the oil company Stanvac, turning over ownership of the oldest oil company into the hands of a local.

This conglomerate now spreads its wings over several other businesses, including palm-oil plantations, hotels and banks. In 2019, Panigoro was awarded the Bintang Mahaputera Naraya Star by President Joko Widodo, who appointed him as one of the members of the Presidential Advisory Council. It is one of the highest civilian honours in the country.

Panigoro earned his degree in Electrical Engineering from Institut Teknologi Bandung, where he was awarded an honorary doctorate degree in 2010.