Eni Starts Up Maha Gas Field Off Indonesia, Extending Kutei Plateau to 750 mscf/d

Eni has started gas production at the Maha field in the West Ganal block of Indonesia's Kutei Basin, lifting the combined output plateau from the Jangkrik complex and its South Hub to 750 million standard cubic feet per day (mscf/d). The startup lands 21 months after final investment decision (FID) — a fast cycle for deepwater gas, and the number worth stress-testing.

Maha sits in roughly 1,000m of water. Two subsea flowlines, about 12km in total, tie it back to the existing Jangkrik floating production unit (FPU), where the gas receives initial treatment. From there, a pipeline carries it to Indonesia's domestic market and onward to the Bontang liquefaction plant, which serves both domestic buyers and LNG export commitments.

What does Maha add?

The field itself can deliver up to 250 mscf/d. That takes the Jangkrik FPU-plus-South-Hub plateau to 750 mscf/d. Eni expects the Gendalo & Gendang project, slated for startup and integration in 2028, to hold that plateau beyond the end of the decade. The caveat is obvious: 2028 is a forecast, not a facility. Plateau extensions depend on drilling execution and reservoir performance that no press release can guarantee.

Takeaway: Maha adds a quarter of the complex's output on a 21-month build, but the plateau story runs through 2028 at the earliest.

Who operates it — and why that matters

The operator is Searah, an upstream company formed by Eni and Petronas in June 2026, with each partner holding 50%. Searah runs 19 gas-producing and development assets across the region — 14 in Indonesia, five in Malaysia. Current output is quoted at roughly 350,000 barrels of oil equivalent per day (boepd), with a stated target of surpassing 500,000 boepd by 2028.

Searah's progress at Maha, according to the company, reflects coordinated work with its stakeholders and SKK Migas, Indonesia's upstream oil and gas regulator. No production figures for Maha's initial rates were disclosed. Note what's missing: first-day or first-month volumes. "Up to 250 mscf/d" is capacity, not demonstrated flow.

Takeaway: a 50/50 Eni-Petronas vehicle now runs the show, and it wants 43% growth in two years.

How the Indonesia portfolio is shifting

Maha is not Eni's only recent startup in the basin. The company began production at the Merakes East field offshore Indonesia in May 2025. Earlier this year it sanctioned two more projects: North Hub (Geng North & Gehem) and South Hub (Gendalo & Gendang).

Last month, Eni signed agreements to sell interests in select Searah-operated Indonesian assets to Pertamina and Medco. The company retains direct operatorship of the Peri-Mahakam production sharing contract (PSC), the Makassar Strait PSC, and the recently awarded Sapukara-adjacent Sapukala block. All Kutei Basin activity is framed as supporting Indonesia's energy needs and export capacity.

Takeaway: Eni is growing output and trimming equity in the same portfolio — a rebalancing, not a retreat.

Venezuela: the other number in the release

Separately, Eni started operations at the Junín-5 oil field in Venezuela's Orinoco Belt, less than two months after signing the "Contrato de Participación Productiva de Hidrocarburos" — a production-sharing-style hydrocarbons agreement. Junín-5 is described as a supergiant onshore heavy oil site with certified oil in place of 35 billion barrels.

Eni holds full operational responsibility, covering technical, financial, and commercial management. Development plans call for reactivating abandoned wells and an extensive drilling programme for new wells. The first phase targets a significant production increase, with a stated goal of 200,000 bpd by 2028.

Here the skeptic's ledger writes itself. Oil in place is not reserves, and reserves are not production. A 200,000 bpd target by 2028 from a field requiring well reactivations implies sustained capital and operational continuity in a jurisdiction where both have been hard to hold. The 35 billion barrel headline deserves the same scrutiny the 250 mscf/d figure does — capacity and resource are not cash flow.

Takeaway: two 2028 promises in one release — an Indonesian plateau and a Venezuelan ramp — and only one sits in a proven operating environment.

Watch items

First, Maha's demonstrated flow rates versus nameplate 250 mscf/d, which SKK Migas disclosure should confirm in coming months. Second, the Pertamina and Medco asset sales closing and what they signal about Eni's Indonesia equity strategy. Third, FID-to-first-oil timing at Junín-5's drilling programme, and whether the 2028 target of 200,000 bpd survives contact with Orinoco logistics.