Eni agrees to sell partial stakes in Indonesian gas assets

Italian energy company Eni has signed agreements to farm out partial interests in selected Indonesian upstream assets to national oil company PT Pertamina Persero and natural resources firm PT Medco Energi Internasional Tbk. Offshore Energy, Rigzone News, and Reuters all reported on the transaction. Rigzone News reported that the deal involves selling a 10 percent interest across several blocks, while Eni retains operational control and significant ownership. [1][2][3][4][5][6]

The transactions involve seven production sharing contracts in key producing fields and gas development hubs following multi-trillion-cubic-feet discoveries, Offshore Energy and Rigzone News reported. According to Rigzone News, all seven production sharing contracts are operated by Searah, a 50:50 joint venture between Eni and Malaysia state energy firm Petronas. [1][2]

Pertamina is an Indonesian state-owned oil and natural gas corporation headquartered in Jakarta. The involvement of Pertamina is intended to directly support and accelerate development at the Kutei North Hub Project, including the North Ganal and Rapak blocks, according to Rigzone News. [2][7]

The divestments will allow Medco and Pertamina to bolster their portfolios and take direct stakes in fast-tracked gas developments in the region, Offshore Energy reported. [1]