Eni Discovers Significant Gas Reserves in Indonesia's Kutei Basin

Eni S.p.A. E, an Italian integrated energy firm, announced the discovery of significant gas reserves in the Kutei Basin, offshore Indonesia. The discovery was made in the Konta-1 exploration well, which was drilled to a depth of 4,575 meters. The exploratory well was drilled within the Muara Bakau Production Sharing Contract (PSC), operated by Eni. The Kutei Basin is located approximately 50 km off the coast of East Kalimantan.Eni stated that the Konta-1 well has identified gas in high-quality sandstone reservoirs from the Miocene period. The company has carried out an extensive campaign to collect data to understand the size and properties of the gas discovery. Per Eni, the sandstone reservoirs have shown excellent petrophysical properties, such as high porosity and permeability. The initial estimates suggest that the discovery has 600 billion cubic feet (Bcf) of gas initially in place in the four reservoirs. The potential upside from the discovery, which includes additional resources in the Konta Prospect area, could push the total resources well over 1 trillion cubic feet (Tcf).The Konta gas discovery is in close proximity to Eni’s existing facilities and previously identified discoveries in the region, which allows for significant development synergies. Eni is also exploring fast-track development options for these gas resources. The proximity to Eni’s existing facilities enables the company to tie back the new resources to existing production facilities and develop them faster and more efficiently.Furthermore, the successful discovery at the Kutei Basin also strengthens Eni’s confidence to continue with its planned exploration drilling campaign in the basin. The company intends to drill four additional wells in the basin in 2026, as part of its exploratory campaign. Eni holds an 88.334% participating interest in the Muara Bakau PSC, while Saka Energi holds the remaining 11.666%.E’s Zacks Rank and Key PicksEni currently carries a Zacks Rank #3 (Hold).Some top-ranked stocks from the energy sector are Oceaneering International OII, Canadian Natural Resources Ltd. CNQ and FuelCell Energy FCEL. While Oceaneering currently sports a Zacks Rank #1 (Strong Buy), Canadian Natural Resources and FuelCell carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.Free Report: Profiting from the 2nd Wave of AI ExplosionThe next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.Investors who bought shares like Nvidia at the right time have had a shot at huge gains.But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.Access AI Boom 2.0 now, absolutely free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Canadian Natural Resources Limited (CNQ): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks