Eni, through its subsidiary Eni East Sepinggan Limited, and Neptune Energy Group Limited, through its subsidiary Neptune Energy East Sepinggan BV, completed Eni's sale of a stake in 20% to Neptune Energy Group Limited in the area of East Spinnegan.
Eni, with a stake in 65%, will continue to be an operator in the East Sepinggan area, located offshore in East Kalimantan, Indonesia, which includes the Merakes field and the discovery of Merakes East. The remaining shares will be held by PT Pertamina Hulu Energi East Sepinggan and Neptune Energy East Sepingann BW, respectively with 15% and 20%.
The completion of this transaction with Neptune Energy strengthens the cooperation in Indonesia where both companies are involved in various upstream projects, such as that of Muara Bakau which includes the Jangkrik field, in the Kutei basin, offshore East Kalimantan, where Eni is operator of the joint venture with 55% of the participation fee.
The development of the Merakes field, included in the East Sepinggan area, consists in the drilling and construction of underwater wells equipped with a transport system for specific use at 1500 meters deep connected to the Jangkrik Floating Production Unit (FPU), located 35 km North East. The gas extracted will be transported by ship to the Bontang LNG plant using both the existing Jangkrik infrastructures and the East Kalimantan transport network. This new production will also contribute to extending the life of the plant.
This operation confirms once again the success of Eni's "dual exploration model" which consists of the sale of minority shares in exploration successes, maintaining control of operating activities in parallel with the "fast track" development of uncovered reserves.
Through this strategy, which allows accelerated monetization of projects, Eni has made a profit of more than 10 million $ from the 2013 to the 2019.
Eni operates in Indonesia from the 2001 and currently has a large portfolio of assets in exploration, production and development. The production activities are located in the Kutei basin, East Kalimantan, and in the area of Muara Bakau with the Jangkrik field that supplies more than 600 million cubic feet of gas, that is approximately 17 million cubic meters of gas, per day .