Eni S.p.A. Sells 10% Stakes in Seven Indonesian Upstream Assets to Pertamina and Medco

Italian energy company Eni S.p.A. (NYSE:E) has agreed to sell 10% interests in seven upstream production-sharing contracts located in Indonesia. Under the agreement, Eni S.p.A. will sell 10% stakes in the East Sepinggan, North Ganal, and Rapak blocks to Indonesian state energy firm Pertamina. Additionally, Eni S.p.A. will sell a 10% participating interest in four Kutai Basin blocks—Muara Bakau, Ganal, West Ganal, and East Ganal—to PT Medco Energi Internasional Tbk (IDX:MEDC). Financial terms of the transactions were not disclosed.

The deals shift operational holdings across several key gas fields and ongoing developments in the region. The transfer to Pertamina increases its stake in East Sepinggan to 25% and expands its holdings in the producing Merakes and East Merakes gas fields, as well as the Geng North and Gehem discoveries. Meanwhile, PT Medco Energi Internasional Tbk acquires interests in the producing Jangkrik field, the South Hub project gas developments (Maha, Gendalo, and Gandang), and the recently announced Geliga gas discovery, which holds an estimated 5 trillion cubic feet of gas and 300 million barrels of condensate.

Investors will be watching for regulatory progress and final closing details on these transactions. Key areas to monitor include development progress at the North Hub gas project, which holds National Strategic Project status in Indonesia, and operational activities across the Kutai Basin assets managed by Searah, Eni S.p.A.'s 50-50 joint venture with Malaysia's Petronas.