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Eni acquires Chevron’s assets in Indonesia 

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Picture of Cyann Fielding

Cyann Fielding

Journalist at Tank Storage Magazine.

Image of China at SunsetEni has announced the acquisition of Chevron interests, including operatorship, in the Indonesian blocks Ganal PSC (Chevron 62%), Rapak PSC (Chevron 62%) and Makassar Straits PSC (Chevron 72%), in the Kutei Basin, offshore East Kalimantan.

Eni already has a 20% interest as non-operator in the Ganal and Rapak blocks.

The acquisition is an important step, particularly for the opportunity to fast-track the development of the Gendalo and Gandang gas project, a part of the Indonesia Deepwater Development (IDD) in the Ganal PSC, close to the Jangkrik floating production unit (FPU).

The acquisition of Chevron’s assets in Indonesia will allow Eni to fast-track the development of the IDD project, leveraging its strong presence in the East Kalimantan area as well as the synergies with Eni-operated Jangkrik infrastructures, the existing Bontang LNG facility, and the domestic gas market.

This acquisition is also in line with Eni’s energy transition strategy to increase the share of natural gas production to 60% by 2030, in conjunction with global demand for accessible, low-carbon and affordable energy.

This operation comes shortly after the announcement of Eni’s agreement to acquire Neptune Energy, holding – among others – a significant presence in Indonesia and an excellent fit with Eni operations in East Kalimantan.

The closing of the transaction is subject to customary governmental and regulatory approvals.

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