Eni announces a significant gas discovery in the Kutei Basin in Indonesia

Eni has announced a significant gas discovery at the Konta-1 exploration well, located in the Muara Bakau Production Sharing Contract (PSC) in Indonesia’s Kutei Basin, approximately 50 km offshore East Kalimantan. The well has revealed an estimated 600 billion cubic feet (Bcf) of gas initially in place (GIIP), with potential to exceed 1 trillion cubic feet (Tcf) when accounting for additional unpenetrated reservoir segments showing similar gas signatures.

Drilled to a total depth of 4,575 meters in 570 meters of water, Konta-1 encountered gas across four Miocene-age sandstone reservoirs with favourable petrophysical characteristics. Extensive data acquisition confirmed the discovery, and a successful well production test (DST) delivered flow rates of up to 31 mmscfd of gas and approximately 700 barrels of condensate per day. Based on these results, Eni estimates a multi-pool production potential of up to 80 mmscfd of gas and about 1,600 barrels per day of condensate.

The discovery is strategically located near existing facilities and adjacent to previously identified resources, enabling strong development synergies. Eni is already evaluating fast-track development options, supported by the company’s near-field exploration strategy in the Kutei Basin, which leverages advanced geophysical technologies and deep geological knowledge to maximize value from existing assets.

Konta-1 is operated by Eni with an 88.334% participating interest, alongside Saka Energi with 11.666%. The Muara Bakau PSC forms part of the 19 assets—14 in Indonesia and 5 in Malaysia—that will be managed by the new equally owned company (NewCo) established by Eni and PETRONAS. The NewCo plans to invest more than USD 15 billion over the next five years to develop at least eight new projects and drill 15 exploration wells. This investment aims to monetize around 3 billion barrels of oil equivalent (boe) of discovered resources and unlock approximately 10 billion boe of unrisked exploration potential, with closing expected in 2026.