GDF Suez expands exploration activity in Asia

GDF Suez takes stake alongside Italy's ENI in Indonesian offshore exploration contract

• On 8:21 am EDT, Wednesday September 2, 2009

PARIS (AP) -- French gas and electric utility GDF Suez SA said Wednesday it was expanding its exploration and production operations in Asia by taking a minority stake in an Indonesian contract alongside Italy's ENI SpA.

Paris-based GDF Suez, one of Europe's largest energy groups, said it had agreed to take a 45-percent stake in ENI's Muara Bakau Production Sharing Contract, a 417 square-mile (1,082 square-kilometer) area off the coast of Borneo.

ENI remains operator of the contract, for which initial exploration has already confirmed the presence of significant volumes of hydrocarbons, GDF Suez said.

Financial terms of the deal were not disclosed.

It is GDF Suez's second exploration and production deal in the Asia-Pacific region. It took a 60-percent stake in three Australian gas fields last year.