Eni advances Greater PAJ FPSO and Argentina FLNG plans alongside multiple offshore FIDs
Eni’s second-quarter results confirm FIDs for the Greater PAJ, Baleine Phase 3 and Cronos offshore developments. Azule Energy’s Greater PAJ project is expected to start production in first-half 2029 through a new 95,000-b/d FPSO, while Eni’s planned purchase of interests in three YPF-operated Argentine upstream blocks is intended to supply an integrated LNG development comprising two 6-mtpa floating LNG units. Eni and Petronas also established the 50:50 Searah venture for Indonesian and Malaysian gas assets and secured a $6 billion revolving facility for its growth program.
Confirmed developments: Azule Energy approved the Greater PAJ project offshore Angola, with first production targeted for the first half of 2029 through a new FPSO rated at 95,000 b/d of oil and 70 MMcf/d of gas. The source does not identify the FPSO contractor, shipyard, hull concept, conversion status or contract value, so no vessel award should be inferred. Eni also signed an agreement with YPF to acquire 32% interests in three Argentine upstream blocks whose gas is intended to feed the Argentina LNG development. That scheme is described as having 12 mtpa of floating liquefaction capacity from two 6-mtpa units, but the report does not provide FLNG builder, owner, charter or delivery details.
Eni and Petronas completed the establishment of Searah, a 50:50 independent venture containing 19 gas-producing and development assets in Indonesia and Malaysia. A $6 billion revolving credit facility was secured to support a planned investment pipeline exceeding $20 billion over five years. Separate long-term LNG purchase agreements cover approximately 2 mtpa from the Searah-operated South Hub and North Hub projects through the existing Bontang plant.
Other confirmed offshore milestones include FID for Baleine Phase 3 offshore Côte d’Ivoire and Eni’s operated Cronos gas project offshore Cyprus. Cronos is expected to start in 2028 and use existing Zohr processing infrastructure in Egypt before liquefaction at Damietta LNG. Eni additionally reported that the proposed disposal of a 25% Congo LNG interest was not completed because conditions precedent were unmet.
Market interpretation: Greater PAJ creates a material future FPSO procurement and offshore installation opportunity, while Argentina LNG could generate demand for two large FLNG units and associated marine, mooring, subsea and logistics services. These opportunities remain pre-award in this source. The Searah investment program may also support sustained Southeast Asian offshore development activity through the early 2030s. Extracted relationships are source-supported suggestions for analyst review and are not represented as database-verified.