MILAN, Italy, Oct. 27 (UPI) -- Italian energy company Eni said Monday there may be as much as 1.3 trillion cubic feet of natural gas at an exploration prospect off the Indonesian coast.
Eni said it made the discovery in the deep waters. Dubbed Merakes, the prospect is about 100 miles south of the country's Bontang liquefied natural gas plant.
Eni CEO Claudio Descalzi said in a statement the new gas find could help advance Indonesia's LNG ambitions and is a testament to the company's growing presence in Asia.
"This new achievement proves once more the effectiveness of Eni's strategic approach to exploration," he said.
The discovery is the company's first in the reserve area since winning the rights to exploration during a 2012 bidding round.
Natural gas production in Indonesia increased by more than 20 percent in the decade ending in 2012, the U.S. Energy Information Administration reports. The country exports about half its natural gas and is one of the largest exporters of liquefied natural gas in the world.
Eni has been operating in Indonesia since 2001.
