Indonesia M&A | Eni doubles down on gas with acquisition of Chevron’s Indonesia assets

August 4, 2023

On 25 July 2023, Eni announced the acquisition of Chevron’s operating interest in the Ganal (62%), Rapak (62%) and Makassar Strait (72%) PSCs. Closing is subject to governmental and regulatory approvals. The transaction value was not disclosed but our base case NPV10 valuation of the portfolio (assuming a 20-year extension is granted at Rapak/Ganal) is US$1.91 billion.