Eni Finds 300M Barrels Offshore Angola

BP says it will cut around 275 staff and contractor jobs in its Alaska operations in early 2015 following the sale of its interests in four oil fields in the North Slope area.
Italy's Eni discovers 300 million barrels of oil at the Ochigufu exploration prospect offshore Angola.

Italy's Eni reported Wednesday that it has made a new oil discovery at the Ochigufu exploration prospect, located in deep water off Angola.

Ochigufu is the 10th commercial oil discovery in the country's Block 15/06 and is estimated to contain 300 million barrels in place.

Eni also reported that the Ochigufu 1 NFW well, which led to the discovery, will be brought into production "in record time". The well, located approximately 90 miles off the coast of Angola, was drilled by the Ocean Rig Poseidon (DW semisub) unit in a water depth of 4,380 feet and reached a total depth of 14,666 feet.

Ochigufu 1 NFW was directionally drilled in order to reach its targets in optimal position. It proved a net oil pay of 154 feet, with 34-degree API gravity, contained in the Lower Miocene and Oligocene sandstones with "very good" petrophysical properties. The data acquired in Ochigufu 1 well indicates a production capacity equal to more than 5,000 barrels of oil per day, Eni said.

Eni CEO Claudio Descalzi commented in a company statement:

"This important discovery, which will be brought into production in record time, adds even more value to Block 15/06. Like the recent discoveries in Congo and Gabon, this new find exemplifies the results we can achieve by applying leading edge technologies to exploration, and substantiates the decision to refocus Eni on key oil and gas competences."

Eni added that studies are underway in order to evaluate an early tie-in of the field to the Ngoma floating production, storage and offloading unit, which is already on location at the West Hub project and is designed to handle 100,000 barrels of oil per day.

Eni is the operator of Block 15/06, with a 35-percent stake. Other partners include Sonangol P&P (30 percent), SSI Fifteen Limited (25 percent), Falcon Oil Holding Angola (5 percent) and Statoil Angola Block 15/06 (5 percent).

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