Eni develops Nikaitchuq off Alaska

Eni has started development of the Nikaitchuq oil field offshore Alaska's North Slope.

ROME -- Eni has started development of the Nikaitchuq oil field offshore Alaska's North Slope at an average water depth of 3 m (10 ft).

Eni owns 100% working interest in the field, having obtained 30% through the acquisition of Armstrong Oil & Gas' Alaskan assets and the remaining 70%, together with operatorship, from Anadarko in Q1 2007.

Nikaitchuq, which will be the first development project operated by Eni in Alaska, has recoverable reserves estimated at 180 MMbbl of oil. Total investment is expected to reach $1.45 billion and first oil is expected at the end of 2009.

The field will be developed through 70 wells (half producing and half injection), about one-third will be drilled from onshore and the remainder drilled from an artificial island built 4.5 km (2.8 miles) from the coast. Production will be sent to a newly built processing facility (treatment capacity of 40,000 b/d), in an onshore area close to the field, and then transported to the Kuparuk network that is linked to the Trans-Alaska Pipeline System.

1/28/2008

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