Italian energy group announces big gas discovery in Indonesia

Illustrative image (Photo: Reuters)

Jakarta (VNA) – Italian energy group Eni on October 2 announced a big gas discovery in Indonesia, opening up an opportunity to strengthen its position in the Southeast Asian country, where it has been present since 2001.

The discovery was from the Geng North-1 exploration well drilled in the North Ganal PSC, about 85km off the coast of East Kalimantan.

Preliminary estimates indicate a total structure discovered volume of 5 trillion cubic feet (140 billion cu.m) of gas in place with a content of condensate estimated up to 400 million barrels.

The ongoing exploration campaign is in line with Eni’s strategy to shift its portfolio mix towards gas and liquefied natural gas (LNG), targeting 60% in 2030, and to increase its LNG equity portfolio.

Indonesia, and Southeast Asia in general, play a role in this strategy, Eni said, adding its current production in the country was 80,000 barrels of oil equivalent per day./.

VNA