02:44 PM EDT, 10/10/2024 (MT Newswires) -- Eni (E) partner in the North Ganal natural gas field in Indonesia is considering selling its 16.7% share of the project for up to $500 million, Bloomberg reported Thursday, citing people familiar with the process.

PT Agra Energi Indonesia has been contacting potential buyers, including energy companies and private equity firms, the sources said. The Indonesian company also may decide against the sale, they said.

Eni announced a significant discovery in North Ganal in October 2023 with an estimated 5 trillion cubic feet of gas in place, it said at the time. It holds the remaining 83.3% stake in the project.

Neither Agra Energi nor Eni responded to messages from MT Newswires seeking comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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