Home ECONOMY 5 Trillion Cubic Feet of Gas Reserves Found in East Kalimantan Sea

5 Trillion Cubic Feet of Gas Reserves Found in East Kalimantan Sea

5 Trillion Cubic Feet of Gas Reserves Found in East Kalimantan Sea

JAKARTA, Timerilis.com – Oil and gas company ENI discovered gas reserves in the North Ganal Working Area (WK) of East Kalimantan with an estimated amount of 5 Trillion Cubic Feet (TCF).

This finding is also found in the Geng North -1 well, which is one of the top three world exploration findings in 2023. The well was drilled to a depth of 5,025 meters in a water depth of 1,947 meters. The finding of 50 meters of gas in the Miocene sandstone reservoir.

Head of the Special Task Force for Upstream Business Activities (SKK Migas), Dwi Soetjipto appreciated ENI’s significant findings and became one of the giant discoveries.

This discovery is believed to encourage more massive exploration investment in the future. Considering the national oil and gas potential is still promising because out of 128 basins, there are still 68 basins that have not been drilled.

“We hope that the discovery of gas reserves in North Ganal by one of the international oil companies (IOC) will encourage more IOCs to enter Indonesia. This is certainly the result of one of the government’s efforts to increase the competitiveness of the national upstream oil and gas industry,” Dwi said in a written statement, on Monday (2/10/2023).

He added that SKK Migas will continue to coordinate intensively with ENI for the next stages. So that it can be monetized immediately.

The huge discovery of gas will be prompted to be produced immediately. So that it can increase gas supply to support development, including downstream gas which is currently being promoted by the government. This is also supported by the gas infrastructure that is already available in East Kalimantan. So, it is expected to be developed quickly and efficiently.

The government’s target of increasing national oil and gas production sustainably is to achieve the 2030 target. That is one million barrels per day (BOPD) in oil production. Followed by the gas production of 12 billion cubic feet per day (BSCFD) will be further realized with this discovery.

It is known that ENI North Ganal Limited holds 50.22 percent participating interest (PI) in the operation of the block. Along with Neptune Energy North Ganal BV with 38.04 percent and Agra Energi I Ltd with 11.74 percent.