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Indonesia and Eni Partner on Decarbonization Initiatives

2/5/2024

(Reuters) — Indonesia's Energy and Mineral Resources Ministry said on Friday it had signed a memorandum of understanding with Italian energy group Eni to accelerate its decarbonization programs.

The deal covers development of bio-feedstock for fuels, energy transition initiatives and possible carbon capture projects, the Indonesian ministry said in a statement.

"With this MoU, we hope that Eni can help with decarbonization programs in Indonesia and strengthen the cooperation between Eni and Indonesia," Energy Minister Arifin Tasrif said during the signing ceremony.

In a separate statement, Eni said that its Chief Executive Claudio Descalzi met with Indonesia's President Joko Widodo on Friday to discuss the group's recent upstream discovery.

Eni last year announced a gas find at Geng North-1, an exploration well drilled in the North Ganal, off Indonesia.

In addition, Eni bought the Indonesia Deepwater Development (IDD) assets from Chevron last July and has just finalized the acquisition of Neptune Energy, which holds key assets in the Asian country.

In Friday's meeting, the Eni CEO illustrated the development plans for the IDD assets and the new Geng North production hub to be established in the East Kalimantan region.

The new gas production hub in the northern Kutei basin, as well as the extension of the plateau in the existing facilities in the southern Kutei Basin, will allow Indonesia to significantly increase its gas production, both for domestic use and for export, Eni said.

With the discovery of the North Ganal gas block and acquisition of the IDD project, Eni had said it could more than double its gas production in Indonesia.

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