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Eni Reports High Flow Rates at Indonesia's Geliga 1 Offshore Gas Discovery

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-- Eni (E) said on Friday its Geliga 1 gas discovery offshore Indonesia has delivered strong test results, reinforcing the commercial potential of the country's Kutei Basin and supporting plans for development.

The Italian energy giant said the Drill Stem Test on the well recorded flow rates of up to 60 million standard cubic feet per day, constrained by rig capacity, with minimal pressure drawdown.

Based on the results, Eni estimates the well could sustain output of around 200 mmscf/d of gas and roughly 10,000 barrels per day of condensate.

The well is located in the Ganal Block of the Kutei Basin, about 70 kilometers offshore East Kalimantan, at a water depth of about 2,000 meters. It was drilled to a total depth of approximately 5,100 metres, encountering a substantial gas column in Miocene-age reservoirs with strong petrophysical characteristics.

Eni estimates the discovery holds around 5 trillion cubic feet of gas and 300 million barrels of condensate in place. The adjacent undeveloped Gula discovery contains a further 2 Tcf of gas and 75 million barrels of condensate.

Combined, Geliga and Gula could underpin potential output of about 1,000 mmscf/d of gas and 80,000 bpd of condensate, according to the company's evaluations.

Eni said it is preparing a Plan of Development for submission to Indonesian authorities in the coming weeks, aiming to fast-track a third production hub in the Kutei Basin, alongside existing developments in the North and South hubs.

The company is also studying the expansion of liquefaction capacity at the Bontang LNG plant, which could include restarting up to two idle LNG trains.

The Ganal production-sharing contract is operated by Eni, which holds an 82% stake, while China's Sinopec holds 18%.

The asset is part of a broader portfolio that will be transferred to Searah, a joint venture between Eni and Malaysia's Petronas, covering 19 blocks across Indonesia and Malaysia. The transaction is expected to close in the second quarter of 2026.

Price: $53.54, Change: $+0.95, Percent Change: +1.81%

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