The Italian oil and gas company Eni has announced the acquisition of the interests of the US group Chevron in several Indonesian gas blocks, namely Ganal PSC (Chevron 62%), Rapak PSC (Chevron 62%) and Makassar Straits PSC (Chevron 72%), located in the Kutei Basin, offshore East Kalimantan (central Indonesia). Prior to this deal, Eni already had a 20% interest as non-operator in the Ganal and Rapak Blocks.
The acquisition includes operatorship of the blocks, and thus of the Indonesia Deepwater Development (IDD) gas project that Eni will be allowed to fast track; Chevron had announced in 2020 its intention to sell it its stake in the IDD project. The IDD project, which possesses reserves estimated at around 2 tcf (56 bcm), is expected to contribute to increase Indonesia’s gas production to nearly 340 mcm/d (124 bcm/year) by 2030 (compared to 56.9 bcm in 2022). Indonesia’s proved natural gas reserves currently stand at just above 1,000 bcm.
In addition, the British oil and gas company Shell has announced that it would sell its 35% stake in the Masela block, also located in Indonesia, to Malaysia’s Petronas (15%) and Indonesia’s Pertamina (20%). The sell includes the Abadi gas project, for which Pertamina announced a final investment decision in 2026.