Quick Links
Latest news about Oil and gas Industries-16.05.25
On May 14, 2025 Eni commenced gas production from the Merakes East field in the Kutei Basin, offshore Indonesia, located in the East Sepinggan block where Eni holds an 85% operating interest. The field, situated at a water depth of 1,600 meters and about 10 km east of the Merakes Field, is tied back to the Jangkrik Floating Production Unit (FPU) via a subsea connection approximately 50 km away. With a production capacity of up to 100 MMscfd (around 18,000 boed), the gas is processed on the FPU and then transported through pipelines to meet domestic demand and supply the Bontang LNG plant for both internal use and export. This fast-tracked development, brought online within two years of FID, highlights Eni’s commitment to maximizing Indonesia’s gas resources while enhancing domestic supply and LNG capacity utilization.
The Merakes East startup aligns with Eni’s broader strategy to capitalize on the Kutei Basin’s significant gas potential, in coordination with SKK Migas, Indonesia’s upstream regulator. It complements ongoing projects such as the Maha field and the recently approved Northern Hub and Gendalo-Gandeng developments. Eni, now the main operator in the Kutei Basin and a key player in Indonesia’s gas market, aims to produce up to 2 billion cubic feet per day of gas and 90,000 barrels per day of condensate with upcoming projects. Furthermore, Eni is in discussions with PETRONAS to form a joint venture covering upstream assets in Indonesia and Malaysia, targeting synergies to become a major regional LNG player, leveraging approximately 3 billion boe of reserves and up to 10 billion boe of exploration potential.
On May 14, 2025, XRG, PETRONAS, and Turkmenistan’s State Enterprise Hazarnebit have signed a new Production Sharing Contract (PSC) with State Concern Turkmennebit for the offshore "Block I" gas and condensate fields in the Caspian Sea. Under the agreement, PETRONAS will serve as the operator with a 57% interest, while XRG holds 38% and Hazarnebit the remaining 5%. Block I currently produces around 400 million cubic feet of gas per day and holds more than 7 trillion cubic feet of gas resources, offering significant potential for future capacity expansion. A long-term Gas Sales Agreement (GSA) was also signed with State Concern Turkmengas, supporting regional energy supply stability and economic growth.
This agreement marks a major step in XRG’s global growth strategy, strengthening its presence in the Caspian region and advancing its role as a provider of cleaner energy. It also deepens collaboration among PETRONAS, XRG, Hazarnebit, Turkmennebit, and Turkmengas to promote energy security and sustainable development. PETRONAS, as the first international operator in Turkmenistan’s energy sector nearly 30 years ago, reaffirmed its long-term commitment to the country's upstream expansion. For XRG, the transaction aligns with its strategic pillars of gas, chemicals, and low-carbon energy, expanding its footprint in Central Asia and reinforcing its commitment to long-term global impact.
On May 13, 2025 Tullow Oil has signed a Sale and Purchase Agreement (SPA) with Gabon Oil Company to divest 100% of its working interests in Gabon for a total cash consideration of $300 million. The transaction, first announced in March 2025, is expected to close in the coming months, with proceeds aimed at significantly reducing Tullow’s net debt and strengthening its balance sheet. According to CFO and Interim CEO Richard Miller, the deal supports Tullow’s strategy to focus on high-margin, self-funded assets, particularly in Ghana, and is considered to be in the best interest of shareholders by enhancing long-term value creation.
Visit our website for the latest news updates in the oil and gas industry and to explore Supermec's wide range of explosion-proof products at affordable prices. We are committed to meeting safety standards, ensuring workplace safety and peace of mind for our clients. For help selecting the right products for your business, contact our team for expert assistance.