Eni S.p.A. E on April 20, 2026 announced a significant gas discovery at the Geliga-1 exploration well in the Kutei Basin, offshore Indonesia. Following the announcement, E shares rose 2.83% to $54.11 per share.
The well, which encountered substantial hydrocarbon resources, is located in the Ganal block, around 70 km off the East Kalimantan coast. The discovery is estimated to contain 5 trillion cubic feet (Tcf) of gas and 300 million barrels of condensate.
The Geliga-1 well was drilled to a depth of about 5,100 meters in a water depth of around 2,000 meters. The well hit a substantial gas column in the targeted Miocene interval, which demonstrated strong petrophysical characteristics. A Drill Stem Test is planned to evaluate the reservoir’s productivity.
The discovery highlights the strong resource potential of the Kutei Basin, following the Geng North discovery in 2023 and the Konta-1 discovery in December 2025. This also reinforces Indonesia’s position as an important emerging hub for natural gas and LNG supply.
The discovery aligns with Eni’s broader strategy of focusing on gas as a transition fuel and concentrating on scalable development areas that can accelerate production while lowering costs.
Eni reported multiple recent exploration successes in the same basin, strengthening the commercial viability of the region. The Geliga find is expected to be integrated into existing and planned infrastructure to reduce costs and time, while supporting domestic energy demand and international LNG exports.
The Geliga discovery is situated next to the 2 Tcf Gula field. The combined fields are expected to yield 1 billion standard cubic feet per day of gas and 80,000 barrels per day of condensate. Together, these assets could support a fast-track third hub in the Kutei Basin using the established North Hub concept.
Through its partnership with Petronas, Eni aims to fast-track development and generate additional cash-flow by integrating its technical expertise and resources.
Overall, the discovery is set to unlock significant gas volumes, supporting regional energy security while enhancing Eni’s long-term growth in the global LNG market.
Eni currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the energy sector are Chevron Corporation CVX, Equinor ASA EQNR and BP plc BP. CVX and EQNR each sport a Zacks Rank #1, and BP currently has a Zacks Rank #2 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Like Eni, Chevron, Equinor and BP have a strong presence in upstream operations and are enjoying a favorable business environment, as West Texas Intermediate crude prices are trading above $90 per barrel, which is significantly higher than the $60.42 per barrel recorded a year ago, per data from oilprice.com.
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This article originally published on Zacks Investment Research (zacks.com).