Italian multinational oil and gas company Eni S.p.A (BIT: ENI) through its subsidiary Eni East Sepinggan Limited and Neptune Energy Group Limited’s unit Neptune Energy East Sepinggan BV, have completed the transfer of a 20 percent participating interest in the East Sepinggan area out of Eni’s share to Neptune Energy Group Limited, the company said on Thursday (Dec 5).
Eni, which still holds 65% participating interest, will continue to be the operator of the East Sepinggan area, offshore East Kalimantan in Indonesia, and includes Merakes development and Merakes East discovery. While, the remaining participating interests will now be owned by PT Pertamina Hulu Energi East Sepinggan and Neptune Energy East Sepinggan BV with 15% and 20%, respectively.
Currently, Eni is developing The Merakes development project in the East Sepinggan area. The project consists of the drilling and construction of subsea wells with a dedicated transportation system in 1500m water depth and connected to the Jangkrik Floating Production Unit (FPU), located 35 km North East. The project will produce gas which will be shipped to the Bontang LNG plant using the other existing facilities of the Jangkrik field and East Kalimantan transportation network.
Eni has been operating in Indonesia since 2001 and currently has a large portfolio of assets in exploration, production, and development. Production activities are located in the Kutei Basin, East Kalimantan, and through the Jangkrik field, in the Muara Bakau working area, which delivers more than 600 mmscfd.
