Eni and its partners, Pertamina and Neptune won Indonesia's second conventional oil and gas bidding round in 2019 to acquire the West Ganal exploration block in the Kutei Basin, offshore Indonesia, Eni announced in a statement Monday.
According to the statement, the West Ganal block is a new Gross Split Production Sharing Contract (PSC) covering an area of about 1,129 square kilometers adjoining the Eni-operated Muara Bakau and East Sepinggan PSCs, in the Makassar Strait offshore East Kalimantan.
The block includes the Maha discovery with in-place gas resources estimated at 600 billion standard cubic feet (Bscf) with potential for further exploration.
The award is set to expand Eni’s position and upstream activities in the East Kalimantan’s Kutei Basin.
"In April 2018, Eni was also granted the approval of the Plan of Development for the Merakes discovery located in East Sepinggan PSC," the company stated.
Eni has been operating in Indonesia since 2001, and currently has a extensive portfolio with 14 permits in exploration and production, as well as in development assets.
In the award, Eni will become the operator with a 40% interest while partners, Pertamina and Neptune will each hold a 30% share.
By Gulsen Cagatay