Eni Approves Final Investment for Major Indonesia Gas Projects in Kutei Basin

Key Developments in Eni’s Indonesia Gas Projects

JAKARTA, March 18 (Reuters) – Italy’s ENI said it has reached a final investment decision for the development of the Geng North and Gendalo-Gendang gas projects, located offshore in the Kutei Basin in Indonesia’s East Kalimantan province, within the Makassar Strait. Here are some of the key points:

Final Investment Decision and Project Timeline

• Eni said in a statement late on Tuesday that the final investment decision (FID) was reached eighteen months after the projects were approved in 2024, “confirming the fast pace of the development of its deep-water gas projects.”

Development Plans and Drilling Operations

• The development plans for the Gendalo-Gendang fields include the drilling of seven producing wells, with another 16 to be drilled at the Geng North and Gehem Fields, the company said.

Cooperation and Strategic Partnerships

• “This is a key milestone that confirms the great cooperation between Eni and the Indonesian government. Eni will provide material volumes of gas and LNG to support Indonesia’s long-term energy security needs,” Eni CEO Claudio Descalzi said.

Production Targets and Completion Timeline

• Once the two projects are completed by 2029, they will reach a peak production rate of 2 billion standard cubic feet per day (bscfd) of natural gas and 90,000 barrels of condensate per day, the company said.

Joint Venture Management

• The projects will be managed by a new joint venture formed by Eni and Malaysian state energy firm Petroliam Nasional Bhd (Petronas) after both companies signed an agreement last year.

(Reporting by Ananda Teresia, Bernadette Christina; Editing by David Stanway)