Offshore staff
(Angola)- Eni has been awarded a 35% participating interest and operatorship of the block 15 exploration area in deepwater offshore Angola, about 350 km from Luanda.
The block 15 exploration area is known to be highly prospective. There was a high level of competition to enter the acreage, with a total of fourteen bids received for the block. Eni is one of seven companies expected to form the joint venture, which will advance the exploration and development work program in the area.
Eni says that the award will provide access to significant new reserves, and the operatorship will allow the company to leverage on the deepwater experience it has gained through its participation in the adjacent, prolific block 15 production area (where it holds a 20% interest).
The award will also reportedly reinforce Eni's commitment to deepwater developments, which is a major strategic goal for the company going forward.
Eni considers the award a "significant win" for its growth in the E&P arena. Eni has identified Angola, together with Algeria, Egypt, Libya, Nigeria and Kazakhstan, as strategic countries for its future growth in oil production.
A strong presence in Angola also reportedly represents an important step in Eni's strategy to grow its presence in Portuguese speaking countries, capitalizing on the expertise and knowledge of Galp, the Portuguese oil and gas company in which Eni holds a controlling stake.
Eni first entered Angola in 1980 and has since established a significant production base in the country, where it is currently producing around 160,000 net b/d of oil. Production levels will rise further, and are expected to reach over 200,000 b/d by 2009, as additional deepwater developments are brought on stream.
5/18/2006
