2023-10-03 03:03:00
Italian energy company Eni announced a Major natural gas discovery at Geng North-1 exploration well on the coast of Indonesia. Preliminary estimates indicate a total structure discovered with a volume of 5 trillion cubic feet (Tcf) of natural gas in place, with condensate content estimated at up to 400 million barrels of oil.
The exploratory well was drilled in the North Ganal PSC block, regarding 85 kilometers off the coast of East Kalimantan in Indonesia. The firm highlighted that The data acquired will allow options for rapid development to be studied.
Geng North-1 was drilled to a depth of 5,025 meters in 1,947 meters into the water and found a column of gas regarding 50 meters thick in a Miocene sandstone deposit. They highlighted that it has excellent properties that «has been the subject of an extensive data acquisition campaign«.
They performed a well production test (DST) for a full assessment of natural gas discovery. Although limited by testing facilities, it allowed estimating a well capacity of up to 100 million cubic feet per day and around 5-6 thousand barrels per day equivalent (Mbpd) of gas condensate.
«The ongoing exploration campaign, together with recent acquisitions, is in line with Eni’s energy transition strategy to progressively shift its portfolio towards gas and LNG, with a target of 60% in 2030, and increase its LNG stock portfolio. Indonesia, and Southeast Asia in general, play a relevant role in this strategy«, they expressed from the firm.
Thanks to its location and size, this discovery has the potential to contribute substantially to the creation of a new production centerin the northern part of the Kutei basin, which will connect to the Bontang LNG facilities on the same coast.
It is estimated that, in addition to Geng North, more than 5 billion cubic feet of existing natural gas are present in undeveloped discoveries within the area of interest. At the same time, an important exploration potential of multiple cubic meters is in the process of maturing due to ongoing studies.
«The Geng North natural gas discovery comes shortly following the announcement of Eni’s agreement to acquire Neptune Energy, the completion of which will further strengthen Eni’s position in the North Ganal Block«, they pointed out.
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