Jakarta,- Italian oil and gas giant ENI will invest US$ 16 billion or around Rp 250.4 trillion (assuming an exchange rate of Rp 15,650 per US$) in Indonesia.

The investment plan is intended to boost the development of the company's projects in the upstream oil and gas sector.

Head of SKK Migas Dwi Soetjipto revealed that the investment plan will be used to develop several projects owned by ENI in Indonesia. One of them is the development of the Jangkrik Field to arrest the decline in oil and gas production in the offshore area in East Kalimantan.

"They have the first project, the Jangkrik Project, to maintain existing production and reduce the decline by installing a compressor," he said at the Ministry of Energy and Mineral Resources Building, quoted on Monday (5/2/2024).

In addition, the investment plan is also allocated for several other projects. For example, the development of the Maha Field in the West Ganal Working Area, the development of the North Ganal Working Area at the Geng North-1 well, and the development of the Indonesia Deepwater Development (IDD) project.

"So they provide funds and prepare for the long term. So now there are only four projects plus exploration and of course they have confidence and exploration is optimistic to find new reserves and they will have additional investment. Please note that they also participate in other blocks," Dwi said.

As is known, ENI representatives came to the Presidential Palace, Jakarta, Friday (2/2/2024) to meet President Jokowi. The meeting discussed ENI's investment plan in Indonesia.

Several ministers accompanied Jokowi during the meeting, including Minister of Energy and Mineral Resources Arifin Tasrif and Minister of Investment/Head of BKPM Bahlil Lahadalia.

"Yes, I accompanied ENI," Arifin told reporters after the meeting.

He explained that the discussion was related to ENI's investment to increase its gas production in Indonesia.

Sources : cnbcindonesia.com- Feb 05.24