New Konta-1 well strengthens Eni’s Indonesian portfolio as gas discovery signals fast-track development prospects

New Konta-1 well strengthens Eni’s Indonesian portfolio as gas discovery signals fast-track development prospects

(IN BRIEF) Eni has made a new gas discovery at the Konta-1 well in the Muara Bakau PSC, offshore East Kalimantan, Indonesia. The well encountered four Miocene sandstone gas reservoirs and initial estimates point to 600 Bcf GIIP with potential to exceed 1 Tcf. DST testing recorded flows of 31 mmscfd of gas plus 700 bbld of condensate, and modelling suggests multi-pool output could reach 80 mmscfd and around 1,600 bbld of condensate. The discovery is near existing infrastructure, allowing opportunities for fast-track development, and supports the continuation of Eni’s 2026 exploration plan involving four more wells in the Kutei Basin. The asset sits in the Muara Bakau PSC operated by Eni (88.334%) alongside Saka Energi. Muara Bakau is among 19 blocks being consolidated into a NewCo with PETRONAS, expected to invest more than USD 15 billion within five years, targeting eight new developments and up to 3 billion boe of reserves. Eni, active in Indonesia since 2001, currently produces around 90,000 boe/d from Jangkrik and Merakes.

(PRESS RELEASE) MILAN, 9-Dec-2025 — /EuropaWire/ — Eni has announced a major gas discovery in Indonesia, confirming significant reserves at the Konta-1 exploration well in the Muara Bakau Production Sharing Contract (PSC) area, located within the Kutei Basin around 50 kilometres offshore East Kalimantan. Early assessments indicate approximately 600 billion cubic feet (Bcf) of gas initially in place (GIIP), with further upside potential that could push total volumes beyond 1 trillion cubic feet (Tcf).

Drilled to a total depth of 4,575 metres in water measuring around 570 metres deep, the Konta-1 well identified gas bearing intervals across four Miocene-age sandstone reservoirs with favourable petrophysical characteristics. A comprehensive data programme was undertaken, including a successful drill-stem test (DST). Testing one of the reservoirs delivered flow rates of up to 31 million standard cubic feet per day (mmscfd) of gas and around 700 barrels per day of condensate, while the estimated combined multi-pool potential could reach about 80 mmscfd of gas and approximately 1,600 barrels of condensate per day.

Preliminary volume calculations suggest 600 Bcf of discovered gas in the four intersected reservoirs, though nearby reservoir segments not penetrated by the well — but showing similar gas indications — could increase the overall resource basis significantly, potentially exceeding 1 Tcf GIIP.

The discovery is in close proximity to existing infrastructure and neighbouring finds, enabling promising development synergies and laying the groundwork for an accelerated field development scheme. Eni has already begun evaluating fast-track development options while preparing for the next stage of exploration activity. Four additional wells are planned for the 2026 exploration campaign in the Kutei Basin, supported by the encouraging results from Konta-1.

This achievement strengthens Eni’s near-field exploration strategy in the basin, which leverages detailed geological understanding and advanced geophysical tools to unlock value while utilising available infrastructure. The approach maximises operational efficiency and contributes to sustained growth in the region.

Konta-1 lies within the Muara Bakau PSC operated by Eni with an 88.334% participating interest, while Saka Energi holds the remaining 11.666%.

Muara Bakau forms part of a wider portfolio to be integrated under a newly established joint company (NewCo) between Eni and PETRONAS. Covering 19 blocks — 14 in Indonesia and 5 in Malaysia — the NewCo will combine technical strengths and financial capacity, targeting more than USD 15 billion in investments over the next five years. Plans include developing at least eight new projects, drilling 15 exploration wells, unlocking around 3 billion barrels of oil equivalent (boe) in discovered reserves and a further estimated 10 billion boe in unrisked exploration potential. Transaction completion is expected in 2026.

Eni has operated in Indonesia since 2001 and holds a diverse asset base across exploration, development and production, with current equity output of roughly 90,000 boe per day sourced mainly from the Jangkrik and Merakes fields in East Kalimantan.

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SOURCE: Eni S.p.A.