Eni, the Italian energy company, has recently concluded a three-year agreement with Merakes LNG, set to boost its liquefied natural gas (LNG) portfolio by an additional 0.8 billion cubic meters (28.2 billion cubic feet). The deal, effective from January 2024, complements Eni's existing contract with Jangkrik LNG Sellers, which has been in place since 2017, providing 1.4 billion cubic meters (49.4 bcf) annually.

Eni's latest contract extension enables the company to enhance its LNG supply flexibility and diversify its market presence, particularly in the rapidly growing regions of South Asia and the Far East. The company emphasized that these recent agreements align with its comprehensive energy transition strategy, targeting a significant increase in gas production to 60 percent of overall upstream operations by 2030, coupled with a substantial boost in equity LNG contributions.

The progressive buildup of Eni's LNG portfolio, facilitated by the company's strong partnerships with various operating countries, includes the recent long-term contract with the Marine XII JV in Congo, securing approximately 4.5 billion cubic meters (158.9 bcf) of LNG volumes. Additionally, the agreement with QatarEnergy LNG NFE for up to 1.5 billion cubic meters (52.9 bcf) from the North Field East project contributes further to Eni's growing LNG endeavors.

Eni's operations in Indonesia have been reinforced by recent developments, including the Geng North discovery, the acquisition of Chevron's assets, and the forthcoming rapid deployment of the Indonesia Deepwater Development project, all reinforcing the company's presence in Indonesia's Kutei basin.

Furthermore, Eni's recent achievement involving the Tango Floating Liquefied Natural Gas (FLNG) and Excalibur Floating Storage Unit vessels sailing from Dubai to Congo-Brazzaville aligns with the progress of the Congo LNG project, set to commence its initial phase in December 2023. The Tango FLNG, equipped with an annual liquefaction capacity of approximately one billion cubic meters (35.3 bcf) of gas, will be stationed roughly 1.8 miles offshore alongside the Excalibur FSU vessel upon its arrival in Congo, according to Eni's statement.