Eni Makes New Light Oil Find

Eni Makes New Light Oil Find
Eni (NYSE: E) has announced that it has made a new light oil discovery in Block 15/06 in Angola's deep offshore.

Eni (NYSE: E) has announced that it has made a new light oil discovery in Block 15/06 in Angola’s deep offshore.

The Cuica-1 NFW well, which was drilled on the Cuica exploration prospect located inside the Cabaça Development Area, resulted in an oil find estimated to be between 200 million and 250 million barrels of oil in place, Eni revealed.

Cuica-1 NFW was drilled as a deviated well by the Libongos drillship in a water depth of 1,640 feet, and reached a total vertical depth of 13,451 feet, encountering a 262-foot total column of reservoir of light oil in sandstones of Miocene age with good petrophysical properties, Eni noted. The company added that the discovery well is going to be sidetracked “updip” to be placed in an “optimal position” as a producer well.

Eni said the result of “intensive” data collection indicates an expected production capacity of around 10,000 barrels of oil per day. The well-head location, intentionally placed close to East Hub’s subsea network, will allow a fast-track tie-in of the well and relevant production, Eni stated. The company expects that production will start within six months after the discovery.

“The discovery confirms the exploration potential of the block and Eni’s strong commitment to further unlock the value of the area through effective proprietary technologies and its capability to quickly turn resources into production,” Eni said in a statement posted on its website.

“Angola plays a key role in the strategy for organic growth of Eni, which has been present in the country since 1980,” Eni added in the statement.

Cuica is the second significant oil discovery inside the existing Cabaça Development Area, Eni highlighted. Block 15/06 is operated by Eni with a 36.8421 percent interest, Sonangol P&P, which also has a 36.8421 percent stake, and SSI Fifteen Limited, which holds the remaining 26.3158 interest.

Last month, Eni, through Var Energi, which is jointly owned by Eni (69.85 percent) and by HitecVision (30.15 percent) announced a “significant” oil discovery in production license 090/090I in the northern North Sea. During the same month, and again through Var Energi, Eni announced an oil discovery in production license PL532 in the Barents Sea. Back in December, Eni announced a new oil discovery in the Meleiha Concession in the Western Desert of Egypt. 

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



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