Medco Energi buys 10% stake in four Eni blocks in Indonesia

Italian energy group Eni agreed to sell a 10% participating interest in four offshore production sharing contracts in Indonesia to PT Medco Energi Internasional Tbk. The Indonesian energy company announced the agreement on October 12, 2026.

The transaction covers four blocks located in the Kutei Basin. The financial terms of the acquisition were not disclosed.

The deal follows another recent divestment by Eni in the region. On October 11, 2026, Pertamina Hulu Energi agreed to acquire a 10% participating interest from Eni in the North Ganal block and a 10% interest in the Rapak block. Pertamina Hulu Energi also increased its participating interest in the East Sepinggan block to 25%, up from 15%.

The Kutei Basin assets include the Ganal block, where Eni made the Geliga discovery announced in April 2026. Eni estimated the in-place resources at Geliga at 5 trillion cubic feet of gas and 300 million barrels of condensate.