Eni Signs First Timor-Leste Exploration Licenses
Eni has signed 5 offshore Production Sharing Contracts (PSC) which cover more than 12,000 square km off the southern coast of Timor-Leste in a water depth reaching 3,000 m.
The 5 licenses are held 100% by Eni and were part of the first international acreage tender in Timor-Leste, of last May.
The success in obtaining this new acreage reinforces Eni's presence in the Pacific area and is in line with its commitment to deepwater exploration.
The technological complexity of this new frontier area requires specific skills and expertise that are Eni's key competences. The activity during the initial 3 years of work in the five areas includes drilling of two wells.
Eni is already participating in various exploration and production projects in the region, and holds a 12% interest in the Bayu Undan field, where liquid production began in 2004, and in the Darwin LNG plant, supplied by Bayu Undan, which has a capacity of 3.5 million tonnes/year.