Indonesia approves development plan for Eni's Geng North gas project
JAKARTA, Aug 23 (Reuters) - Indonesia has approved the plan of development (POD) for the first phase of Geng North gas field, operated by Italy's Eni in the Makassar Strait, the upstream oil and gas regulator SKK Migas said in a statement on Friday.
The POD approval also covered development of Gehem field, SKK Migas said. Located near the Geng North field, Gehem is part Indonesia Deepwater Development gas project which Eni acquired from Chevron last year.
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The project is expected to bring in a total of $17.49 billion in investment and operational spending, SKK Migas said.
Indonesia is keen to accelerate a number of gas projects following major discoveries and before the energy transition away from fossil fuels affects both funding and demand.
"We must all be committed that this national strategic project is not delayed, if possible it can even be accelerated so that its production can strengthen our oil and gas supplies," SKK Migas spokesperson Hudi Suryodipuro said.
Eni announced last year it discovered of 5 trillion cubic feet (TCF) of gas in Geng North-1 exploration well.
(Reporting by Bernadette Christina Munthe, Fransiska Nangoy; Editing by John Mair)