Eni is evaluating fast-track development options for its significant Konta-1 gas discovery offshore East Kalimantan, Indonesia. The discovery is located on the Muara Bakau PSC, near existing facilities and discoveries, which provides significant synergies for development.

Discovery Details and Potential

The Konta-1 wildcat was drilled to 4,575 meters and encountered gas in four Miocene sandstone reservoirs. Drill stem testing on one reservoir yielded flows of 31 million cubic feet per day of gas and 700 barrels per day of condensate, with an estimated multi-pool potential of up to 80 MMcfd of gas and 1,600 bpd of condensate.

Preliminary estimates indicate 600 billion cubic feet of gas initially in place (GIIP) in the penetrated reservoirs. Additional reservoir segments in the prospect area could bring the overall volumes beyond 1 trillion cubic feet of GIIP.

Strategic Context and Future Plans

The discovery validates Eni's near-field exploration strategy in the Kutei basin and provides confidence for a continued drilling campaign, with four additional wells planned for 2026. The Muara Bakau PSC is operated by Eni (88.334%), with partner Saka Energi (11.666%).

This asset is among 14 in Indonesia that will be managed by NewCo, a proposed Eni-Petronas joint venture expected to finalize next year. NewCo plans to invest over $15 billion in five years to develop at least eight new projects, drill 15 exploration wells, develop roughly 3 billion barrels of oil equivalent of reserves, and unlock an estimated 10 billion boe of exploration potential. Eni's current equity production in Indonesia is about 90,000 boepd from the Jangkrik and Merakes fields.