Meet Jokowi, Italian Oil And Gas Giant Disburses 16 Billion US Dollars For Gas Production

Minister of Energy and Mineral Resources wisely Tasrif (photo: Maria Trisnawati/VOI)

JAKARTA - Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif admitted that he had just accompanied the Italian oil and gas company, ENI. to meet President Joko Widodo (Jokowi) at the Presidential Palace.

During the meeting, Arifin said that ENI would invest USD 16 billion which would be used to increase domestic gas production.

"Yes, accompany ENI. The development of ENI will invest 16 billion US dollars in Indonesia to increase gas production," Arifin told the media at the State Palace Complex, Friday, February 2.

Arifin said that one of the projects that will be carried out by ENI is the oil and gas project in East Kalimantan which is the result of the acquisition of Neptune and the development of Indonesia Deepwater Development (IDD) which has been acquired from Chevron.

"In East Kalimantan. Neptune and the IDD used to be also with Chevron," said Arifin briefly.

Previously, Eni Sp.A (Eni) officially acquired all oil and gas portfolios of Neptune Energy Group Limited, one of which was West Ganal and WK North Ganal, East Kalimantan.

"Ya itu ENI kan sudah beroperasi di situ. Sebelumnya dia bergabung dengan Neptune lalu neptune farm out, lepas sahamnya diambil ENI. Jadi sekarang 100 persen (ENI). Sebelumnya grup ini mengakuisisi IDD-nya si Chevron," beber Arifin.

Furthermore, Arifin said, the project will certainly start running in 2025 and reach its peak in 2027.

With 16 billion US dollars, Arifin explained that he would increase Indonesia's gas production in a number of locations known to have a potential of 6.8 trillion cubic feet (TCF).