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Eni Signs LNG Sale & Purchase Agreements with Pertamina for Jangkrik Field

Source: www.gulfoilandgas.com 6/30/2015, Location: Asia

Eni, together with its partners ENGIE (formerly GDF SUEZ) and Saka Energi Muara Bakau, signed today two agreements with PT Pertamina (PERSERO) for the purchase and sale of liquefied natural gas (LNG) coming from Jangkrik Fields Development Project. Under such Sale & Purchase Agreements, Pertamina will purchase 1.4 million tonnes per annum of LNG starting from 2017.

"The signing of these agreements represents a key milestone for the Jangkrik Field Development Project. It is one of the first deep-water gas projects in Indonesia being developed under a fast track scheme, and confirms Eniís commitment in supplying gas for the development of the Indonesian domestic market. Iím very pleased with the strong and fruitful relationship with the Indonesian Authorities, Pertamina and our Joint Ventures Partners in Jangkrik", Eniís CEO, Claudio Descalzi, said.

The Jangkrik Fields Development Project which consists of Jangkrik and Jangkrik North-East fields requires the drilling of production wells to be linked to a Floating Production Unit for gas and condensate treatment, and subsea pipeline laying for transportation to the Bontag Terminal. Production start-up is expected in 2017.

The Jangkrik fields, discovered in the Muara Bakau block in 2009 and 2011, are located at a depth of 400 meters in the Makassar Strait, approximately 100 km east of Balikpapan.

Eni is the operator of the block with 55% of working interest, whereas the other JV partners are GDF Suez Exploration Indonesia, a subsidiary of ENGIE, formerly GDF SUEZ, with 33.334% stake and Saka Energi Muara Bakau with 11.666% stake.

Eni has been operating in Indonesia since 2001 and currently holds a large portfolio of exploration, production and development assets which have an increasing importance in contributing to the overall growth of the company. Eniís average equity production in the Country amounts to 17,000 barrels of oil equivalent per day.

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