Neptune Energy and its partners, Eni (Op) and Pertamina, have been awarded the West Ganal production sharing contract (PSC) in Indonesia, by Indonesia’s Ministry of Energy and Mineral Resources.

The block, offered in the second conventional oil and gas bidding round 2019, covers an area of 1,129 km2 and is located in the prolific Kutei basin, offshore East Kalimantan and adjacent to Jangkrik and Jangkrik NE fields. The block includes the Maha discovery with in place gas resources in excess of 600 Bscf.

The consortium has committed to drilling four exploration wells during the first exploration period, in addition to acquiring 600 km2 of 3D and 600 km of 2D seismic data.

Today’s announcement follows Neptune’s recent agreement with Eni to acquire a 20 per cent working interest in the East Sepinggan PSC and a 30 per cent working interest in the East Ganal PSC. Neptune is already a 33% working interest partner in the Jangkrik fields.

Jim House, Neptune Energy CEO, 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”.

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”.

About Neptune Energy

Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. Neptune had production of around 160 thousand net barrels of oil equivalent per day in 2018 and 2P reserves at 31st December 2018 of 638 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.

About ENI

Eni is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.

About Pertamina (Persero)

Pertamina is Indonesia’s leading integrated energy company. We are committed to an ongoing process of transformation and continuous improvement with the objective to achieve global standards of operational, environmental, and corporate performance. Our businesses include exploration and production (oil and gas), refining, manufacturing and marketing of oil products and petrochemicals. We are also engaged in the development of biofuels, geothermal power and other sustainable alternative energy sources.