Italy’s energy major Eni is on track to make a final investment decision (FID) in March 2026 for two major offshore gas developments in Indonesia — the Geng North and Gendalo-Gendang fields — according to the head of Indonesia’s upstream oil and gas regulator SKK Migas. The projects, which will be managed by a new joint venture between Eni and Malaysia’s state energy firm Petroliam Nasional Bhd (Petronas), come after Jakarta’s approval in 2024 and are expected to serve as a template for future gas initiatives in the region. Both fields are located offshore in the Kutei Basin in East Kalimantan’s Makassar Strait, and production at Geng North is anticipated to begin in late 2027. The investment value for the developments is estimated at USD 15 billion, underlining strong confidence in Indonesia’s energy sector and long-term regional supply growth.

This upcoming commitment highlights positive momentum for Indonesia’s role in expanding natural gas infrastructure and strengthening energy cooperation with international partners. The collaboration between Eni and Petronas builds on last year’s memorandum of understanding to jointly oversee upstream assets in both Indonesia and Malaysia, signaling increased foreign investment and regional integration in energy development.
Source: https://www.reuters.com/business/energy/eni-reach-final-investment-decision-indonesia-gas-projects-next-month-regulator-2026-02-24/