Neptune snaps up interest in Kutei basin from Eni

Neptune Energy has revealed it has acquired interest in Indonesia’s Kutei basin from Italian oil and gas firm Eni.

The agreement will see Neptune take a 20% interest in the in East Sepinggan and a 30% working interest in the East Ganal prospect through Production Sharing Contracts (PSC).

Neptune claim the the East Sepinggan field includes the fast-tracked, low-cost Merakes development – expected to be “cash flow positive” shortly after start-up.

Merakes is being developed as a subsea tie-back to the Eni-operated Jangkrik facility in the Maura Bakau PSC, of which Neptune has a 33.3% working interest.

The deal is expected to be finalised by Q4 2019.

Jim House, Neptune chief executive, said: “This is a strategically important agreement for Neptune, strengthening our position in Indonesia and providing both near and long-term growth.

“We look forward to deepening our strong relationship with Eni as our partner of choice in the greater area”.

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