Indonesia’s upstream oil and gas regulator, SKK Migas, said Italy’s Eni is expected to take a final investment decision next month on the Geng North and Gendalo-Gendang gas projects offshore East Kalimantan.
SKK Migas chief Djoko Siswanto told reporters the projects, located in the Kutei Basin within the Makassar Strait, represent a combined investment estimated at around $15 billion.
The developments will be managed by a new joint venture formed between Eni and Malaysia’s state energy firm Petroliam Nasional Berhad, also known as Petronas.
Indonesia approved the development plans in 2024 and views the projects as a template for future large-scale gas ventures aimed at boosting domestic supply and supporting energy security.
The Geng North field is expected to begin production in late 2027, according to previous government statements.
The joint venture stems from a memorandum of understanding signed last year by Eni and Petronas to jointly oversee selected upstream assets in Indonesia and Malaysia, including the two gas blocks.
Eni did not immediately respond to requests for comment on the anticipated investment decision.
The projects are central to Indonesia’s strategy to monetise offshore gas resources and attract foreign capital into its upstream sector.
Officials say advancing the developments would strengthen output from East Kalimantan, a key hydrocarbon-producing region.
A final investment decision would mark a critical step toward unlocking one of Indonesia’s most significant pending offshore gas investments.