Indonesian upstream energy asset developments

In October 2026, Eni signed binding agreements to sell its participating interests in several upstream assets within Indonesia’s Kutei Basin. Under these agreements, PT Pertamina Hulu Energi (PHE) is set to acquire a 10% interest in the North Ganal and Rapak blocks, while increasing its stake in the East Sepinggan block from 15% to 25%. These assets involve the Merakes and East Merakes gas fields and the Geng North–Gehem discoveries. Additionally, PT Medco Energi Internasional will acquire a 10% interest in the West Ganal, East Ganal, Ganal, and Muara Bakau blocks, which include the Jangkrik field and the Geliga giant gas field.

By November 2026, PHE reported third-quarter production figures of 467,000 barrels of oil per day and 2,762 MMSCFD of gas. The company also identified contingent resources totaling 333 million barrels of oil equivalent. Concurrently, PT Pertamina Hulu Rokan commenced drilling the TMD-001 exploration well in the Rokan Block as of October 31, 2026. This drilling operation targets the Upper Red Bed Sand formation and is estimated to have a gas resource potential of 250 billion cubic feet.

Regarding year-to-date performance through September 2026, PHE reported an oil and gas production realization of 945,000 barrels of oil equivalent per day (MBOEPD). This total comprised 467,000 barrels of oil per day (MBOPD) and 2,762 million standard cubic feet of gas per day (MMSCFD). Exploration activities included the completion of 14 exploration wells and extensive seismic surveys. PHE discovered contingent resources (2C) totaling 333 million barrels of oil equivalent (MMBOE), consisting of 206 MMBOE of oil and 127 MMBOE of gas, while proven reserves (P1) increased by 72 MMBOE. Corporate Secretary Hermansyah Y Nasroen stated these results demonstrate a commitment to national energy security through sustainable production and continuous exploration.