ENI Announces Gas Findings In Kutai Basin, Potential Up To 1 Trillion Of Kubik Feet

JAKARTA - The oil and gas giant (oil and gas) from Italy, Eni SpA announced a significant gas discovery at the Konta-1 exploration well, which was drilled at Muara Bakau PSC, Kutai Baungan. The location of the gas discovery is 50 km off the coast of East Kalimantan.

"The estimate shows 600 billion cubic feet (Bcf) of gas with the potential for an increase of more than 1 trillion cubic feet (TCF)," the management wrote in a written statement, Wednesday, December 10.

Eni's management said that Konta-1's discovery lies in the Muara Bakau PSC, operated by Eni with an participation right of 88.334 percent, with Saka Energi holding the rest at 11.666 percent.

This well is also estimated to have a potential production of multi-reservoir gas of up to 80 million standard cubic feet per day (MMSCFD) and about 1,600 barrels of oil per day (BOPD) of condensate.

For information, Muara Bakau is part of 19 oil and gas blocks in Indonesia and Malaysia which will be managed by joint ventures Eni and Petronas. Of these 19 blocks, 14 of them are in Indonesia and 5 are in Malaysia.