Eni's Discoveries Set Stage for Block 15/06 Oil Hub



Following Petrobras' announcement in February, Eni and Sonangol confirmed two new oil discoveries in Block 15/06 with the exploration wells Nzanza-1 and Cinguvu-1, offshore Angola. Both wells are located around 350km north-west of Luanda in 1,400 meters of water depth and successfully reached the targets in the Lower Miocene layers, where oil pay sands with good reservoir characteristics were encountered. The two discovery wells were drilled by the Scarabeo 7 semisub.

The results of the two wells are within the predicted hydrocarbon volume ranges of pre-drill expectations and the positive outcomes will allow the ongoing pre-development phase of the "Western Hub" to proceed.

During production tests, Nzanza-1 well produced oil at rates above 1,600 barrels/day. An analysis of the results indicates the potential for future production wells in excess of 5,000 barrels/day per well, when associated to artificial lift. At Cinguvu-1 the production test, limited by surface facilities, reached a maximum flow of 6,400 barrels/day of oil. The Nzanza-1 and Cinguvu-1 results follow the recent success of Cabaça Norte-1 in 2009, and Sangos and N'Goma in 2008.

This result confirms the high potential of Block 15/06, which was awarded to Eni in 2006 following a very competitive international bid process. The effective exploration of the operated block is due to the deepwater expertise that Eni has brought into the project using proprietary technologies to improve probability of success and to optimize time and costs in well operations.

Alongside its partners in Block 15/06, Eni will continue the exploration drilling during 2010 with the aim of securing the resources that will support the sanctioning of the second production hub in the North East area of the Block.

Eni has a 35% working interest and is the Operator in Block 15/06, while Sonangol E&P is the Concessionaire. The other partners of the Contractor Group are Sonangol Pesquisa e Produção (15%), SSI Fifteen Limited (20%), Total (15%), Falcon Oil Holding Angola SA (5%), Petrobras International Braspetro B.V. (5%) and Statoil Angola Block 15/06 Award AS (5%).

Eni has been present in Angola since 1980. Eni's current equity production reaches approximately 130,000 barrels of oil equivalent per day.


RELATED COMPANIES
Company: Petrobras more info
Operates 35 Offshore Rigs
Manages 12 Offshore Rigs
 - Brazil Regulator Allows Petrobras To Source Libra Rig Hull From Abroad (Oct 04)
 - Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role (Sep 29)
 - Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
Company: Statoil more info
Operates 1 Offshore Rigs
 - Statoil Takes First Bite Of Solar Market With Brazilian Joint Venture (Oct 04)
 - Statoil Charters Last of Largest Oil Tankers to Hold Crude for Asia Buyers (Sep 28)
 - Statoil And Partners Plan Output Capacity Expansion At Troll Gas Field (Sep 26)
Company: Total S.A. more info
 - Total's CEO Says Will Try To Move Ahead With Iran Gas Project (Oct 17)
 - Total Expands Presence in Mexico (Oct 12)
 - Wood Group Wins Total Refinery Maintenance Contract (Oct 11)
Company: ENI more info
Operates 12 Offshore Rigs
 - Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
 - Eni Inks Cooperation Deal With China's CNPC (Sep 13)
 - Italy's Eni Confident Of Dividend Even With Lower Oil Prices (Jul 28)
Company: Sonangol more info
 - Buyers Eye Sinopec's Argentina Oil Assets in Sale Worth Up to $1B - Sources (Oct 09)
 - US Oil Firm Cobalt Files For Arbitration Against Angola For $2B (May 12)
 - US Firm Cobalt Threatens Arbitration Over Angolan Oil Assets (Apr 03)
Company: Saipem more info
Manages 12 Offshore Rigs
 - Ifax: Saipem To Conduct Feasibility Study On Rosneft Chemical Plant (Sep 15)
 - Saipem to Build Pipelines for Kuwait Refinery Project (Aug 16)
 - Saipem Warns On Profits After Falling To 2Q Loss (Jul 25)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.