Neptune Energy has revealed it has acquired interest in Indonesia’s Kutei basin from Italian oil and gas firm Eni.
The agreement will see Neptune take a 20% interest in the in East Sepinggan and a 30% working interest in the East Ganal prospect through Production Sharing Contracts (PSC).
Neptune claim the the East Sepinggan field includes the fast-tracked, low-cost Merakes development – expected to be “cash flow positive” shortly after start-up.
Merakes is being developed as a subsea tie-back to the Eni-operated Jangkrik facility in the Maura Bakau PSC, of which Neptune has a 33.3% working interest.
The deal is expected to be finalised by Q4 2019.
Jim House, Neptune chief executive, said: “This is a strategically important agreement for Neptune, strengthening our position in Indonesia and providing both near and long-term growth.
“We look forward to deepening our strong relationship with Eni as our partner of choice in the greater area”.