Italy's Eni said it has reached a final investment decision for the development of the Geng North and Gendalo-Gendang gas projects, located offshore in the Kutei Basin in Indonesia's East Kalimantan province, within the Makassar Strait. Here are some of the key points:
Eni said in a statement late on Tuesday that the final investment decision (FID) was reached 18 months after the projects were approved in 2024, "confirming the fast pace of the development of its deep-water gas projects."
The development plans for the Gendalo-Gendang fields include the drilling of seven producing wells, with another 16 to be drilled at the Geng North and Gehem Fields, the company said.
"This is a key milestone that confirms the great cooperation between Eni and the Indonesian Government. Eni will provide material volumes of gas and LNG to support Indonesia's long-term energy security needs," Eni CEO Claudio Descalzi said.
Once the two projects are completed by 2029, they will reach a peak production rate of two billion standard cubic feet per day (bscfd) of natural gas and 90,000 barrels of condensate per day, the company said.
The projects will be managed by a new joint venture formed by Eni and Malaysian state energy firm Petroliam Nasional (Petronas) after both companies signed an agreement last year.
(Reporting by Ananda Teresia, Bernadette Christina; Editing by David Stanway)
