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OPEC-member Indonesia targets 42 percent rise in crude oil production in 2017

Eni completes sale of stake in the East Sepinggan area to Neptune Energy

Dec 08, 2019
2 min read
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Italy's Eni has completed the transfer of a 20 per cent participating interest in the East Sepinggan area, offshore Indonesia, out of Eni’s share to Neptune Energy Group Limited.

Eni, with 65 per cent 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 East Sepinggan BV with 15 per cent and 20 per cent 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 per cent 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 1500 meters 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.

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