Eni announces a significant gas discovery from the Geng North-1 exploration well drilled in North Ganal PSC, about 85 km off the cost of East Kalimantan in Indonesia. Preliminary estimates indicate a total structure discovered volume of 5 trillion cubic feet (Tcf) of gas in place with a content of condensate estimated up to 400 Mbbls; the acquired data will allow to study the options for a fast-track development.

Geng North-1 was drilled to a depth of 5,025 meters in 1,947 meters water depth, encountered a gas column about 50m thick in a Miocene sandstone reservoir with excellent petrophysical properties that has been subject of an extensive data acquisition campaign. A well production test (DST) has been successfully performed for a full assessment of the gas discovery and although limited by the test facilities, it has allowed to estimate a well capacity of up to 80-100 mmscfd and about 5-6 kbbld of condensate.

The discovery confirms the effectiveness of Eni’s strategy aimed at creating value through its deep knowledge of geological plays and the application of advanced geophysical technologies. The ongoing exploration campaign, along with the recent acquisitions, is in line with Eni’s energy transition strategy to progressively shift its portfolio mix towards gas and LNG, targeting 60% in 2030, and to increase its LNG equity portfolio. Indonesia, and South-East Asia in general, play a relevant role in this strategy.

The Geng North discovery comes shortly after the announcement of Eni’s agreement to acquire Neptune Energy, whose completion will allow to further strengthen Eni’s position in the North Ganal Block.

Eni North Ganal Limited, holding 50.22% participating interest, operate the Block, with Neptune Energy North Ganal BV and Agra Energi I Pte Ltd as partners, holding the remaining 38.04% and 11.74% respectively.