Eni sells stakes in two upstream assets in Indonesia

Eni has signed two binding agreements for the sale of interests in selected upstream assets in Indonesia operated by Searah, the independent joint venture 50% owned by Eni and 50% by Petronas.

In detail, Eni will sell its 10% stake in the East Sepinggan, North Ganal and Rapak PSCs to Pertamina - Indonesia's national energy company and the country's largest oil and gas producer, with a strategic role in the energy infrastructure of East Kalimantan and the region's gas network. The assets include the producing Merakes and East Merakes gas fields, as well as the Geng North and Gehem gas discoveries, currently under development through the North Hub gas project, designated as a National Strategic Project.

Furthermore, Eni will sell its 10% stake in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs to Medco, a leading company in the energy and natural resources sector in South-East Asia. These assets include the producing Jangkrik field; the Maha, Gendalo and Gandang gas projects, developed as part of the South Hub project; as well as Geliga, the recent giant gas discovery.

The operations, we read in a note from Eni, follow the recent launch of Searah "and highlight the solid value creation generated by Eni in recent years in the Kutei Basin, thanks to its distinctive capabilities in exploration and development. The recent exploration successes of Geng North and Geliga have allowed the identification of resources for over 10 Tcf of gas and 650 million barrels of condensate. In addition to the final investment decisions announced last March for the North Hub and South projects Hub, these results have generated significant value for Eni and attracted strong interest from the industry in the assets themselves."

Completion of both transactions is subject to obtaining customary governmental and regulatory approvals.