Italian Oil And Gas Giant Signs LNG Sale And Purchase From Meres Field

Illustration of the LNG refinery (Photo: dock. Antara)

JAKARTA - The oil and gas giant from Italy, Eni, signed a sale and purchase agreement for liquefied natural gas (LNG) from Meres Field of 0.8 billion cubic meters (bcm). This sale and purchase contract will begin in January 2024 and last for the next 3 years.

"This sale and purchase agreement with Meres is in addition to a contract with Jangkrik LNG Sellers of 1.4 billion cubic meters per year which has been going on since 2017," wrote ENI management on its official website, quoted Thursday, October 26.

Thanks to this new volume, Eni can ensure greater flexibility and further diversification of its LNG supply, while strengthening its presence in emerging markets such as South Asia and the Far East.

This contract - along with the recently signed long-term contract with Marine XII JV in Congo for LNG volumes of around 4.5 bcm, and contracts with QatarEnergy LNG NFE up to 1.5 bcm LNG from the North Field East project - contributes to increasing LNG portfolio Eni by increasing strong relations with the countries where Eni operates.

"Eni's integrated approach built on upstream development to LNG marketing is in line with the company's energy transition strategy, which aims to progressively increase gas share in upstream production as a whole to 60 percent by 2030, while increasing the contribution of LNG equity," the management continued.

Eni continued, through this collaboration, the company aims to increase the volume of LNG which is contracted more than double to more than 18 million tons per year (MTPA) by 2026, by utilizing integration between upstream and gas marketing activities.