Eni Makes Major Oil Find

Eni Makes Major Oil Find
Eni (NYSE: E) has announced a 'major' oil discovery in block CI-101, which is located in the Ivory Coast offshore.

Eni (NYSE: E) has announced a “major” oil discovery in block CI-101, which is located in the Ivory Coast offshore.

The discovery well, Baleine-1x, was drilled on the Baleine prospect and found light oil in two different stratigraphic levels, according to Eni, which said an evaluation program will be carried out to assess the “significant upside potential” of the overall structure that extends into block CI-802. The company noted that the potential of the discovery can be preliminarily estimated at between 1.5 and two billion barrels of oil in place and between 1.8 and 2.4 trillion cubic feet of associated gas.

Baleine-1x is the first exploration well drilled by Eni in the Ivory Coast. The well was drilled about 40 miles off the coast, in around 4,000 feet of water depth with the Saipem 10,000 drillship. Block CI-101 is operated by Eni, which holds a 90 percent interest in the exploration phase of the asset. Petroci Holding owns the remaining 10 percent.  

“The Baleine-1x well was located on the basis of a comprehensive analysis of a wide range of 3D seismic data and regional studies in the sedimentary basin in Ivory Coast,” Eni said in a statement posted on its website.

“The implementation of state of the art technology including intelligent wireline formation testing and fluid sampling proved the presence of light oil bearing intervals of Santonian and Cenomanian/Albian age. The lower Cenomanian/Albian level shows discrete to good reservoir characteristics and has been successfully tested to production,” Eni added in the statement.

“Along with the appraisal program, Eni and Petroci Holding will also start studies for a fast-track development of the Baleine discovery,” Eni went on to say.

Eni has announced several discoveries so far this year. Last month, the company announced an oil find in Upper Miocene sequences on the Sayulita Exploration Prospect in Block 10, offshore Mexico, which was said may contain between 150 and 200 million barrels of oil equivalent in place, and in July, Eni announced a “significant” oil discovery in Block 4, offshore Ghana. Through Var Energi, jointly owned by Eni (69.85 percent) and by HitecVision (30.15 percent), Eni also revealed a “significant” oil and gas discovery offshore Norway in the Southern North Sea, an oil discovery in license PL 554 in the northern part of the North Sea, a “significant” oil discovery offshore Norway in the northern North Sea and an additional oil discovery offshore Norway in the Barents Sea.

To contact the author, email andreas.exarheas@rigzone.com

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