Eni-Petronas JV launches construction of floating gas facility for North Hub in Indonesia
Searah, the joint venture energy company formed by Italy's Eni and Malaysia's Petronas, has started developing a floating gas facility to process gas from its $11.8 billion North Hub project in Indonesia, the Indonesian government said.
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The company held a first steel cutting ceremony on Thursday to kickstart the construction of the Floating Production, Storage, and Offloading (FPSO) vessel, which will be a processing hub for 16 wells from the Geng North and Gehem gas fields, the Energy and Mineral Resources Ministry said.
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The two gas fields make up Searah's North Hub project in Indonesia's Kutai Basin, off Borneo island. The project is targeted to start production in 2028, the ministry said in a statement late on Thursday.
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Production is expected to reach 1 billion cubic feet of gas per day and 80,000 barrels of condensate per day by the fourth quarter of 2028.
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Of the total $11.8 billion investment in the project, around $2.9 billion was allocated to develop the FPSO, Djoko Siswanto, head of the upstream oil and gas regulator SKK Migas, said in the same statement.
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"Today's achievement demonstrates our continued confidence in Indonesia's energy sector, as well as our long-term commitment to continue investing, growing, and creating value in this country," Mirko Araldi, an executive of Eni North Ganal Ltd, was quoted as saying.
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