Neptune closes deal with Eni for acreage offshore Indonesia

Italian oil company Eni and Neptune Energy have completed the transfer of a 20% participating interest in the East Sepinggan area, located off Indonesia, out of Eni’s share to Neptune Energy.

 

Neptune Energy agreed to acquire interests from Eni in the East Sepinggan PSC and a 30 percent working interest in the East Ganal PSC in July 2019.

 

Both Eni and Neptune announced on the 4th December that they had completed the deal for the 20% stake in the East Sepinggan area.

 

Eni, with 65% participating interest, will continue to be the operator of the area, which is located in the East Sepinggan area, offshore East Kalimantan in Indonesia, and includes Merakes development and Merakes East discovery.

 

The remaining participating interests will now be held by PT Pertamina Hulu Energi East Sepinggan and Neptune Energy with 15% and 20%, respectively.

 

The completion of this transaction with Neptune Energy strengthens the cooperation in Indonesia, where both companies are partners in several upstream projects, such as Muara Bakau area, which includes the Jangkrik field in the Kutei Basin, offshore East Kalimantan, where Eni is the joint venture operator with 55% participating interest share.

 

The Merakes development project, in the East Sepinggan area, consists in the drilling and construction of subsea wells with a dedicated transportation system in 1,500 metres water depth and connected to the Jangkrik Floating Production Unit (FPU), located 35 km north-east.

 

The gas production will be shipped to the Bontang LNG plant using also all the other existing facilities of Jangkrik field as well as the East Kalimantan transportation network.

 

This new production will also contribute to the life extension of the plant.

 

Source: Offshore Energy Today