Eni S.p.A. announced that the Geliga‑1 exploration well in Indonesia’s Ganal block has uncovered a giant natural‑gas field, with preliminary estimates of roughly 5 trillion cubic feet of gas and 300 million barrels of condensate in place.
The discovery sits within the Kutei Basin, a region that has produced several large gas finds for Eni in recent years, including the Geng North discovery in late 2023 and the Konta‑1 well in December 2025. The proximity of the new field to existing and planned infrastructure—such as the North Hub project and the Bontang LNG plant—offers a clear path to accelerated development and cost optimization.
Eni’s Indonesian gas production is expected to rise from about 700 million standard cubic feet per day (Mscf/d) to roughly 2 Bcf/d by 2028, a near‑tripling of output that would significantly strengthen the company’s position in Southeast Asia’s growing LNG market.
The Ganal block is part of a portfolio of 19 blocks that will be contributed to Searah, the joint venture between Eni and Petronas that was announced in November 2025. The partnership is designed to consolidate assets, share technical expertise, and accelerate growth across the region, positioning both companies to capture expanding gas demand.
Eni’s leadership has highlighted the partnership with Petronas as a key element of its gas and LNG growth strategy in Southeast Asia, underscoring the strategic importance of the new discovery within that framework.
While the discovery adds substantial upstream value, Eni’s broader financial profile remains under pressure, with a price‑to‑earnings ratio of 30.32 and an Altman Z‑score of 1.86, indicating moderate financial stress. No immediate market reaction data is available at this time.
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