Eni said it was awarded the 100 percent interest and operatorship at Block Arguni I straddling the coast of West Papua province in eastern Indonesia.
The company said the block covers more than 2,000 square miles and contains "several giant gas discoveries already in production."
The deal for Eni includes plans to drill two wells and seismic surveys during the first three years of the company's exploration plans for Indonesia.
"This award confirms Eni as one of the major oil companies committed to invest in exploration and production activities in Indonesia," the company said in a statement.
Eni has been working in Indonesia since 2001. The company provided few details about the estimated recovery expected from its latest Indonesian award.