Eni Makes Giant Natural Gas Discovery Offshore Indonesia

Eni S.p.A. (NYSE:E) is included among the 10 Best Global Stocks to Buy According to Wall Street Analysts.

Eni Makes Giant Natural Gas Discovery Offshore Indonesia

Eni S.p.A. (NYSE:E) operates as an integrated energy company in Italy, the rest of Europe, the United States, Asia, Africa, and internationally.

Eni S.p.A. (NYSE:E) announced on April 20 that it had made a “giant” natural gas discovery in the Ganal block offshore Indonesia, with preliminary estimates indicating resources of approximately 5 trillion cubic feet of gas and 300 million barrels of condensate.

The discovery was made at the Geliga-1 exploration well, drilled to a total depth of around 5,100 meters in a water depth of about 2,000 meters. The discovery is among the five exploration wells that Eni S.p.A. (NYSE:E) drilled over the last six months within the same basin. The find could help increase the Italian energy giant’s gas output in Indonesia to 2,000 million standard ​cubic feet per day in 2028, ​from around ⁠700 million standard cubic feet per day currently.

Eni S.p.A. (NYSE:E) continues to invest in Indonesia and revealed last month that it had reached a final investment decision for the development of ​two more major deepwater gas projects in the country.

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