MILAN, Italy, Oct. 5 (UPI) -- Italian energy company Eni joined a consortium of energy companies in taking a stake in the oil development of Indonesia.
Eni announced that it won the rights to develop oil resources off the coast of Indonesia as part of the country's first international auction.
The block, North Ganal, covers 939 square miles in an area "with several giant discoveries already in production," the Italian energy company said.
Eni has operated in Indonesia since 2001. It joins Niko Resources Ltd., Black Platinum Energy Ltd, Statoil and GDF Suez at the North Ganal block.
France's GDF Suez and Eni announced in July they made a significant discovery off the coast of Indonesia in the Jangkrik gas field. The French company said production tests yielded roughly 30 million cubic feet of natural gas per day. The company added exploration activity uncovered more than 190 feet of net gas pay.
Eni added that its latest award confirms it one of the companies most committed to investing in exploration and production activities in Indonesia.
