Eni announces significant gas discovery offshore Indonesia at Konta-1 well

Eni has confirmed a sizeable gas discovery at the Konta-1 exploration well in Indonesia’s Kutei Basin, with an estimated 600 Bcf of gas in place and upside beyond 1 TCF. The find strengthens Southeast Asia supply prospects and supports planned regional investments with PETRONAS.

Eni has identified a significant offshore gas accumulation at the Konta-1 exploration well within the Muara Bakau Production Sharing Contract in Indonesia’s Kutei Basin, approximately 50 km offshore East Kalimantan. The well, drilled to 4,575 meters in 570 meters of water depth, encountered gas-bearing Miocene sandstone reservoirs across four intervals with favorable reservoir characteristics.

Preliminary assessments indicate around 600 billion cubic feet (Bcf) of gas initially in place, with additional nearby structures suggesting total potential volumes could exceed 1 trillion cubic feet (TCF). A drill stem test conducted on one reservoir delivered flow rates of up to 31 million standard cubic feet per day (mmscfd) of gas and roughly 700 barrels per day of condensate, with multi-zone production potential estimated at up to 80 mmscfd and 1,600 barrels per day of condensate.

The discovery’s proximity to existing infrastructure enhances prospects for accelerated development, reducing capital intensity and shortening time to market. The Muara Bakau PSC is operated by Eni with an 88.334% stake, alongside Saka Energi. The block will be managed under a forthcoming joint venture equally owned by Eni and PETRONAS, consolidating 19 regional assets across Indonesia and Malaysia.

The find reinforces Southeast Asia’s upstream outlook at a time of tightening regional gas balances, with implications for LNG supply chains, domestic power generation, and industrial consumers. Planned investments exceeding USD 15 billion over five years across the joint portfolio signal sustained exploration and development momentum through 2026 and beyond.