Italian Giant Constructs Deepwater Gas Project in Indonesia Worth Rp252.4 Trillion

Jakarta - The Special Implementing Unit for Upstream Oil and Natural Gas Activities (SKK Migas) has announced that the estimated value of the Final Investment Decision (FID) for the deepwater gas project (Indonesia Deepwater Development/IDD) by Italian oil and gas company Eni has reached US$15 billion, equivalent to approximately Rp252.4 trillion (based on an exchange rate of Rp16,824 per US dollar).

SKK Migas head Djoko Siswanto revealed that all technical and administrative preparations for the investment approval have been completed. “The FID for Eni is approximately US$15 billion,” Djoko stated when met in Jakarta on Wednesday, 25 February 2026.

The FID for the deepwater gas project is targeted to be signed next week. It is only awaiting the schedule of the Energy and Mineral Resources Minister (ESDM) for the official signing ceremony in Jakarta.

“Next week. Everything is ready. We are just waiting for the Minister to come to Jakarta, sign it, and the FID is complete,” he said.

Djoko explained that this final investment decision covers not just one field but two strategic projects simultaneously. The projects are the development of the Geng North field and the Gendalo-Gandang field, which form part of the IDD project in East Kalimantan.

“God willing. Geng North and Gendalo-Gandang,” he stated.