Eni appraisal well in Venezuela succeeds

Success in the Perla 4 appraisal well in the Cardón IV block in the Gulf of Venezuela brings the Perla gas in place estimate to more than 16 tcf.

Offshore staff

MILAN, Italy – Success in the Perla 4 appraisal well in the Cardón IV block in the Gulf of Venezuela brings the Perla gas in place estimate to more than 16 tcf. The well is in 60 m (~200 ft) of water and flowed 17 MMcf/d of gas and 560 b/d of condensate during a production test.

Cardón IV is operated by a joint company owned 50% by Eni and 50% by Repsol. The venture has finalized front-end engineering and design for early production of 300 MMcf/d of gas I 2013.

The early production will use the already successfully drilled wells and the installation of four light offshore platforms linked, through a gas pipeline, to a central processing facility onshore. Full development includes additional producer wells and the CPF upgrade to reach a plateau production of 1.2 bcf/d.

The Venezuelan state company Petróleos de Venezuela S.A. owns a 35% back-in right to be exercised in the development phase. At that time Eni and Repsol will each hold a 32.5% interest.

02/24/2011

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