Eni acquires Chevron's assets in Indonesia
Italy’s Eni July 25 announced the acquisition of Chevron's interests in three Indonesian blocks: Ganal (Chevron 62%), Rapak (Chevron 62%), and Makassar Straits (Chevron 72%). Eni already holds a 20% interest as a non-operator in the Ganal and Rapak blocks.
The acquisition is a significant step, Eni said, particularly in expediting the development of the Gendalo and Gandang gas project, which is part of the Indonesia Deepwater Development (IDD) in the Ganal production sharing contract. This gas project is located close to the Jangkrik floating production unit (FPU) and is estimated to have natural gas reserves of approximately 2 trillion ft3.
The acquisition also includes the producing Bangka gas field, the Gehem and Ranggas discoveries, and additional exploration potential in the northern part of the asset.
By acquiring Chevron's assets in Indonesia, Eni aims to accelerate the development of the IDD project, leveraging its existing presence in the East Kalimantan area and synergies with Eni-operated Jangkrik infrastructures and the Bontang LNG facility.
Additionally, this acquisition aligns with Eni's energy transition strategy, which prioritises gas and LNG production as key pillars, aiming to increase the share of natural gas production to 60% by 2030 in response to the global demand for accessible, low-carbon, and affordable energy, the company said.
This acquisition follows closely after Eni's announcement of an agreement to acquire Neptune Energy, another company with a presence in Indonesia, and which complements Eni's operations in East Kalimantan.
The closing of the transaction is subject to standard governmental and regulatory approvals.