Italian Oil & Gas Major Eni Announces Significant Kutei Basin Discovery

Benzinga04-20 23:04

The company disclosed a major gas discovery on Monday at the Geliga-1 well in Indonesia's Kutei Basin. The asset has estimated resources of around 5 Tcf of gas and 300 million barrels of condensate. ...

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Bear 2X Shares","ERX":"二倍做多能源ETF-Direxion","SMA":"Smartstop Self Storage REIT Inc","BK4588":"碎股","GUSH":"Direxion Daily S&P Oil &Gas Exp. & Prod. Bull 2X Shares","USE":"USCF Energy Commodity Strategy Absolute Return Fund","BK4585":"ETF&股票定投概念","DIG":"二倍做多美国油气指数","IXC":"全球能源业ETF-iShares","DBC":"商品指数ETF-PowerShares DB","IEO":"iShares Dow Jones U.S. Oil & Gas"},"translate_title":"意大利石油和天然气巨头埃尼公司宣布库泰盆地重大发现","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DRLL":0.9,"IEO":0.9,"USE":0.9,"PXJ":0.9,"VDE":0.9,"DIG":0.9,"SMA":1,"DBE":0.9,"IXC":0.9,"GUSH":0.9,"DBC":0.9,"DRIP":0.9,"ERX":0.9},"content_text":"The company disclosed a major gas discovery on Monday at the Geliga-1 well in Indonesia's Kutei Basin.\nThe asset has estimated resources of around 5 Tcf of gas and 300 million barrels of condensate. \nThe well, drilled to ~5,100 meters in 2,000 meters of water, encountered strong reservoir quality, with further testing planned. The find builds on recent nearby discoveries, reinforcing the basin's large-scale gas potential.\nIt also supports ongoing developments, including the North Hub project, which will use a new FPSO and existing LNG infrastructure to process production.\nEni says its Geliga gas discovery in Indonesia's Kutei Basin confirms the area's strategic potential and \"unlocks\" new volumes aimed at both domestic and international markets. \nEni's chart is still in an uptrend on longer timeframes, but the stock is working through a near-term cooldown after peaking earlier in the spring. It's trading 4.9% below its 20-day simple moving average (SMA) and 18.9% above its 100-day SMA, a mix that points to short-term consolidation while the intermediate trend remains constructive.\nThe moving average structure stays supportive, with the 20-day SMA above the 50-day SMA and a golden cross that occurred in June 2025, which is typically consistent with a market that has favored buyers over time. The moving average convergence divergence (MACD), a trend/momentum measure, is below its signal line and the histogram is negative, which leans toward easing momentum after the May 2025 bearish cross.\nOver the last 12 months, the stock is up 89.85%, which reflects a strong longer-term run even with recent back-and-forth. With the stock sitting between support near $52.00 and resistance around $55.50, traders often read this as a \"decision zone\" for the next directional push.\nEni is a global oil and gas company focused on exploration, production, and refining. In 2024, it produced about 0.8 million barrels of liquids and 4.8 billion cubic feet of gas per day.\nAt year-end, it held 6.5 billion barrels of oil equivalent in reserves, with liquids accounting for 46%, and the Italian government owning a 30.5% stake. Eni is also spinning off its renewables business into Plenitude, which is expected to be listed separately, helping investors better value its core upstream operations.\nThe countdown is on: ENI is set to report earnings on April 24, 2026 (confirmed).\nAnalyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $28.00. Recent analyst moves include:\nBelow is the Benzinga Edge scorecard for ENI, highlighting its strengths and weaknesses compared to the broader market:\nThe Verdict: ENI’s Benzinga Edge signal reveals a momentum-led profile with supportive value characteristics. With growth scoring closer to neutral, the setup leans more on trend strength and valuation factors than on rapid expansion.\nE Stock Price Activity: Eni shares were up 1.09% at $52.82 at the time of publication on Monday, according to Benzinga Pro data.\nPhoto by Kraft74 via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2628724480","isCrawlerRequest":true}