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OIL AND GAS. Italy's Eni said on Tuesday it had made a significant gas discovery in an exploration well around 50 kilometres (31 miles) off the eastern coast of Indonesia's part of Borneo island.
Preliminary estimates indicate gas volume of 600 billion cubic feet in the four reservoirs within the well trajectory, with a potential upside that could exceed 1 trillion cubic feet, Eni said.
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The Konta-1 exploration well is part of the Muara Bakau production sharing contract, located in Kutei Basin in Indonesia.
The discovery provides additional confidence for the continuation of the planned exploration drilling campaign, which aims to drill four more wells in the Kutei Basin in 2026, Eni said. Muara Bakau is part of the 19 exploration blocks, of which 14 are located in Indonesia and five in Malaysia, that will be managed by a recently announced joint venture between Eni and Malaysia's state energy company Petronas.
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The location is operated by Eni with an 88.33% participating interest. Indonesia's Saka Energi holds the remaining 11.66%.
