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Eni aims to strengthen oil, gas business in Indonesia

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(Globalpost/GlobalPost)

Italy's biggest oil and gas firm Eni would raise investment in Indonesia to make the country its major presence in the world, a top official of the firm said here on Friday. Eni's CEO Paulo Sacroni told a joint press conference with Indonesian Energy and Mineral Resources Minister Jero Wacik after meeting. Eni has invested about 400 million U.S. dollars in Indonesia since 2001 and has developed 13 blocks nationwide, said Scaroni.

"...and we plan to continue to invest because we have very promising blocks in front of us," said Sacroni. "We want to make Indonesia one of our major presence in the world," he said. The firm has expertise on exploring oil and gas in deep water, according to Wacik, which is badly needed in the vast archipelago country.

"Eni wants to add investment in Indonesia as it is confident of the situation in Indonesia," said Wacik. Indonesia has got credit rating upgrade to investment grade recently by Moody's and Fitch's. The country is struggling to boost dwindling oil output due to decline in reserve and investment that forced the country out of OPEC membership in 2008.

Philippines News agency

http://www.globalpost.com/dispatch/news/asianet/130412/eni-aims-strengthen-oil-gas-business-indonesia