Eni announced a major gas discovery in the Geng North-1 exploration well drilled by North Ganal PSC, 85 km off East Kalimantan (Indonesia). Preliminary estimates indicate that the total volume of the discovered formation is 5 trillion cubic feet of gas, with 400 million barrels of condensate. The information obtained will allow analyzing opportunities for accelerated development.
The North-1 team drilled 1,947 meters to a depth of 5,025 meters and discovered a gas column about 50 meters thick in a Miocene sandstone reservoir with excellent petrophysical properties and an extensive data collection campaign. Successful well production tests were conducted to fully evaluate the gas discovery and, although limited by testing facilities, these tests allowed estimates of 80 to 100 million cm3 and approximately 5 to 6000 barrels per day. Condensation per day.
This discovery confirms the effectiveness of Eni's strategy, which aims to create value by applying deep knowledge of geological plays and advanced geophysical technologies. The ongoing exploration campaign and recent acquisitions are in line with Eni's energy transition strategy to gradually shift the portfolio composition to gas and LNG with the aim of reaching 60% by 2030 and increasing the LNG stock portfolio. Indonesia and Southeast Asia in general play an important role in this strategy.
Due to its location and large size, this discovery has the potential to significantly contribute to the creation of a new production center in the northern part of the Kuti Basin, which will be connected to the Bontang LNG facility on the east coast. Take advantage of cargo capacity in Kalimantan. In addition to North Jing, more than 5 trillion cubic feet of gas is believed to reside in undeveloped discoveries in the study area, but significant discovery potential of several trillion cubic feet is emerging through ongoing exploration.
The Geng North discovery is adjacent to Indonesia's Deepwater Development (IDD) area, which includes several troubled discoveries in the Rapak and Ganal PSC blocks, and Eni recently announced the purchase of a stake in Chevron, increasing its interest in participating and owning it. Driver. Significant cooperation is planned between the two regions in terms of gas development opportunities. The acquisition provides an opportunity to accelerate the development of the Gendalo and Gandang gas projects (approximately 2 trillion cubic feet of gas reserves) through the Jungkrik facilities operated by Eni.
The Jeng North discovery comes shortly after Eni's announcement of a deal to acquire Neptune Energy, the completion of which will further strengthen Eni's position in the North Ganal block.
Eni North Channel Limited, with a 50.22% stake, will operate the block, with Neptune Energy North Channel BV and Agra Energy I Pte Ltd as partners, with the remaining 38.04% and 11.74% respectively.
Eni has been operating in Indonesia since 2001 and currently has a large portfolio of assets in the exploration, development and production stages with the Jankrik and Merax fields in East Kalimantan with fair production of around 80,000 boe/d.
Read the article online: https://www.oilfieldtechnology.com/drilling-and-production/04102023/eni-announces-gas-discovery-in-the-kutei-basin-in-indonesia/
