Eni has signed two binding agreements to sell interests in Indonesian upstream assets to Pertamina and Medco, connecting recent exploration successes in the Kutei Basin with established production and major gas developments.
The assets are operated by Searah, the 50/50 joint venture between Eni and PETRONAS.
Interests across producing fields and new discoveries
Pertamina will acquire 10% interests in the East Sepinggan, North Ganal and Rapak production-sharing contracts. These include the producing Merakes and East Merakes fields and the Geng North–Gehem discoveries under development through the North Hub project.
Medco will acquire 10% interests in West Ganal, East Ganal, Ganal and Muara Bakau. These encompass Jangkrik production, the Maha, Gendalo and Gandang developments within the South Hub project, and the recently announced Geliga discovery.
Eni reports that Geng North and Geliga together have identified more than 10 Tcf of gas and 650 million barrels of condensate. Final investment decisions for the North and South Hub projects were announced in March.
Completion of both transactions remains subject to governmental and regulatory approvals.
