Neptune Energy and Eni to partner in Kutei basin deal

Neptune Energy, Eni and Indonesian state-owned firm Pertamina have partnered in a deal to drill in the West Ganal area in the Kutei basin.

The contract was awarded to the consortium by Indonesia’s Ministry of Energy and Mineral Resources.

Neptune, Eni and Pertamina have committed to drilling four exploration wells in the block during the first exploration period.

It includes the Maha discovery with in place gas resources in excess of 600 Bscf.

Jim House, Neptune Energy chief executive, said: “This award provides Neptune with further long-term growth opportunities in the strategically important Kutei basin.

“The block has significant exploration potential, which can be commercialised via existing Jangkrik infrastructure.

“Indonesia has significant hydrocarbon resources and we look forward to working with our partners to help develop and provide further benefits for the country.”

The section of the Kutei basin acquired by the consortium is around 435 square miles.

The new deal follows Neptune’s recent agreement with Eni to buy up a 20% working interest in the East Sepinggan product sharing contract (PSC)and a 30% working interest in the East Ganal PSC.

Neptune Energy holds a 33% working interest in the Jangkrik fields.

Eko Lumadyo, Neptune Energy’s managing director for Indonesia, said: “We have been actively involved in exploration and production in the Kutei basin since 2008.

“The current series of acquisitions and bid round success clearly demonstrates Neptune’s ongoing commitment towards Indonesia.”

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