Eni (E) said Monday it had signed two binding agreements to sell 10% interests in selected upstream gas assets in Indonesia to Pertamina and Medco, citing value gains from exploration and development activities in the Kutei Basin.
Under the first agreement, Eni will sell its 10% interest in the East Sepinggan, North Ganal, and Rapak production sharing contracts to Pertamina, Indonesia's national energy company.
The contracts include the producing Merakes and East Merakes gas fields, as well as the Geng North-Gehem gas discoveries, which Eni said are being developed through the North Hub gas project and designated as a National Strategic Project.
Under the second agreement, Eni will sell its 10% interest in the West Ganal, East Ganal, Ganal and Muara Bakau production sharing contracts to Medco, a Southeast Asian energy company, Eni said.
The assets include the producing Jangkrik field, the Maha, Gendalo and Gandang gas projects being executed as part of the South Hub project, and the recently announced Geliga giant gas discovery, Eni said.
The company did not disclose financial terms for either transaction, which remain subject to customary governmental and regulatory approvals.
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