Eni Gets 3-Year Exploration Extension for Block 15/06, Angola

Italian oil major Eni announced Monday that it has obtained a three-year extension to the exploration period for its Block 15/06, offshore Angola.

The original exploration period ended in November 2014, so Eni requested an extension in order to complete exploration activities that it had already identified. The three-year plan envisages the drilling of three wells and the acquisition of approximately 375 square miles of 3D seismic data over the block, which is located around 215 miles northwest of Luanda, the Angolan capital.

Eni believes that should the exploration activities prove successful any new discoveries can be developed quickly using existing production facilities. The extension also includes an area adjacent to Block 15/06, which covers the Reco-Reco discovery that is estimated to contain around 100 million barrels of oil in place.

So far Eni has drilled 23 exploration and appraisal wells and discovered more than three billion barrels of oil in place on Block 15/06, which the company acquired in 2006.

Eni CEO Claudio Descalzi commented in a company statement:

"The extension of the exploration period of Block 15/06, which includes the Reco-Reco discovery, recognizes Eni's ability to successfully fulfil the role of operator, one which requires both technological innovation and a high level of operational efficiency. Furthermore, it marks an additional success for Eni in Angola."

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