Eni’s Strategic Move: Acquiring Chevron’s Interests in East Kalimantan Blocks

(IN BRIEF) Eni, a global energy company, announces the successful acquisition of Chevron interests in the Indonesian Blocks Ganal PSC, Rapak PSC, and Makassar Straits PSC, located in the Kutei Basin, offshore East Kalimantan. Eni already held a 20% interest in the Ganal and Rapak Blocks. This acquisition is a significant step for Eni, especially in expediting the development of the Gendalo and Gandang gas project, part of the Indonesia Deepwater Development (IDD) with substantial natural gas reserves. The deal further strengthens Eni’s position in the East Kalimantan area and supports its energy transition strategy. The transaction is subject to regulatory approvals. Eni’s net production in Indonesia stands at approximately 80 kboe/d.

(PRESS RELEASE) SAN DONATO MILANESE (MILAN), 25-Jul-2023 — /EuropaWire/ —  Eni S.p.A. (BIT: ENI), an Italian multinational energy company with focus on innovation, efficiency and accessibility for all, is pleased to announce the successful acquisition of Chevron interests, including Operatorship, in the Indonesian Blocks Ganal PSC (Chevron 62%), Rapak PSC (Chevron 62%), and Makassar Straits PSC (Chevron 72%), situated in the Kutei Basin, offshore East Kalimantan. This strategic move further solidifies Eni’s operations in the East Kalimantan area.

Eni already holds a 20% interest as a non-operator in the Ganal and Rapak Blocks. This recent acquisition marks a significant step forward for Eni, particularly in accelerating the development of the Gendalo and Gandang gas project, an integral part of the Indonesia Deepwater Development (IDD) in the Ganal PSC. The Gendalo and Gandang gas project, located near the Jangkrik FPU, boast estimated natural gas reserves of approximately 2TCF. The acquisition also includes the producing Bangka gas field, the Gehem and Ranggas discoveries, and substantial exploration potential in the northern part of the asset, contributing to further consolidation of Eni’s position in the region.

This acquisition aligns perfectly with Eni’s energy transition strategy, wherein gas and LNG represent key pillars. Eni aims to increase the share of natural gas production to 60% by 2030, in tandem with the growing global demand for accessible, low-carbon, and affordable energy solutions.

The completion of the transaction is subject to customary governmental and regulatory approvals. The acquisition follows closely after Eni’s agreement to acquire Neptune Energy, which holds a significant presence in Indonesia and complements Eni’s existing operations in East Kalimantan.

Eni’s journey in Indonesia dates back to 1968, and since its return to the country in 2001, the company has achieved notable success in exploration and production activities. Presently, Eni’s net production amounts to approximately 80 kboe/d.

Eni remains committed to promoting sustainable energy solutions, contributing to Indonesia’s energy security, and supporting the country’s economic growth.

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SOURCE: ENI