JAKARTA: Italian energy giant Eni announces a major gas discovery off the coast of East Kalimantan, with estimated reserves of five trillion cubic feet (Tcf) of gas and 300 million barrels of condensate.
The Energy and Mineral Resources Ministry announced on Monday the discovery at the Geliga-1 exploration well, located in the deep waters of the Ganal Block in the Kutai Basin.
“In a world where almost everyone is protecting their reserves, we are once again grateful to God for this blessing,” Energy and Mineral Resources Minister Bahlil Lahadalia said.
“This is the result of exploration, and we must focus on the President’s order to find new oil sources.”
The Geliga well was drilled to a depth of approximately 5,100 metres (m) in water depths of around 2,000 m.
The Ganal Working Area is operated by Eni, which holds an 82% stake, with the remaining 18% owned by China’s Sinopec.
Minister Bahlil revealed that Eni’s current production stands at 600 to 700 million standard cubic feet per day (MMSCFD). Following the discovery, peak output is projected to reach 2,000 MMSCFD by 2028, eventually climbing to 3,000 MMSCFD by 2030.
Condensate production is expected to hit 90,000 barrels per day (bpd) in 2028, rising to 150,000 bpd by the end of the decade.
“This is giant,” Bahlil said, expressing optimism that the increased output would reduce reliance on oil imports.
The Ganal Working Area is part of a portfolio of 19 blocks, 14 in Indonesia and five in Malaysia, that will be contributed to Searah, a jointly controlled company established by Eni and Petronas in November 2025.
The new entity will integrate assets, technical expertise and financial capabilities to drive growth and strengthen its position in South-East Asia.
Searah’s business plans include developing approximately three billion barrels of oil equivalent of discovered resources, along with pursuing significant exploration potential.
The transaction is expected to close in the second quarter of 2026, Eni said in a statement issued on Monday.
Meanwhile, the valorisation of a 10% stake in the Eni Indonesia portfolio withheld from the Searah transaction to a third party is underway and expected to be concluded in 2026, according to the firm.
The finding extends Eni’s successful run in the Kutai Basin following the Geng North find in 2023 and the Konta-1 well in 2025. — The Jakarta Post/ANN
