By Adria Calatayud

Eni has made a significant natural-gas discovery in an offshore project in Indonesia, which the company said has potential to contribute to the creation of a new production hub.

The Italian energy company said Monday that preliminary estimates from the Geng North-1 exploration well in the North Ganal production sharing contract indicate a total discovered volume of 5 trillion cubic feet.

Eni operates the North Ganal block and holds a 50.22% participating interest, with Neptune Energy and Agra Energi I Pte as partners with stakes of 38.04% and 11.74%, respectively. Eni said completion of its recent deal to buy Neptune Energy will strengthen its position in the project.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

October 02, 2023 03:15 ET (07:15 GMT)

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