Eni Discovers Major Offshore Gas Reserve in Indonesia

• The discovery was made by the Geliga-1 exploration well at 5,100 meters depth in 2,000 meters of water
• Resources estimated at 5 trillion cubic feet of gas and 300 million barrels of condensate
• Eni is analyzing fast-track development options using nearby existing and planned infrastructure for cost optimization and faster time-to-market

Eni Discovers Major Offshore Gas Reserve in Indonesia

Italian energy company Eni announced a significant natural gas discovery in the Ganal block offshore Indonesia on April 20. The find represents a major addition to the company's Asian portfolio.

Key Discovery Details:

• Preliminary estimates indicate approximately 5 trillion cubic feet (Tcf) of gas in place
• Additional 300 million barrels of condensate identified
• Discovery made via the Geliga-1 exploration well
• Well reached a total depth of approximately 5,100 meters in water depth of about 2,000 meters

Development Outlook:

Eni is currently conducting analyses to evaluate accelerated development options for the discovery. The company highlighted that the field's proximity to existing and planned infrastructure presents significant advantages, offering potential synergies for faster time-to-market and cost optimization opportunities.

Company Background:

Eni has maintained operations in Indonesia since 2001, holding a diversified upstream portfolio that spans exploration, development, and production activities across the country.

Market Implications:

This discovery strengthens Eni's position in the Asia-Pacific energy market and adds substantial reserves to its portfolio. The 5 Tcf gas reserve is classified as a "giant" discovery, which could significantly impact regional gas supply dynamics. The presence of existing infrastructure nearby suggests the field could be brought online relatively quickly compared to greenfield developments, potentially providing earlier cash flows and returns on investment. For Indonesia, the discovery supports the country's efforts to develop domestic energy resources and could contribute to regional energy security.