Pertamina (Pertamina) and Medco (Medco) have acquired part of Eni's (Eni) marine assets in Indonesia. The transactions include the sale of a 10% stake to Pertamina in the East Sepinggan, North Ganal, and Rapak projects, all located off the eastern coast of Kalimantan. These assets include the producing gas fields of Merakes and East Merakes, as well as the Geng North and Gehem discoveries, which are being developed through the North Hub project.
Details of Pertamina and Medco Transactions
With this purchase, Pertamina will increase its stake in the East Sepinggan project from 15% to 25% and also acquire a 10% stake in the North Ganal and Rapak projects. In a separate transaction, Medco will acquire a 10% non-operating stake in the West Ganal, East Ganal, Ganal, and Muara Bakau marine projects. This portfolio includes the producing field of Jangkrik, the Maha, Gendalo, and Gandang developments, as well as the newly discovered Geliga gas field.
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Implications of the Transactions for Eni and the Indonesian Gas Market
Medco stated that this acquisition will help expand its access to Indonesia's liquefied natural gas (LNG) supply chain and add new producing, developing, and exploratory assets. No value has been disclosed for these transactions, and both deals remain subject to government and regulatory approval. After these transactions, Eni will still retain significant access in Indonesia and will hold 50% of the Searah project alongside Petronas (Petronas), which operates 14 gas production and development assets in Indonesia.
In addition to Searah, Eni directly manages the Peri-Mahakam and Makassar Strait projects and holds 100% of the newly awarded deep exploration block of Sapukala off the eastern coast of Kalimantan.
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