Eni Grows Exploration Area in Timor - Analyst Blog
15 Aprile 2013 - 5:20PM
Zacks
Italian oil giant Eni
SpA (E) has been rewarded a new exploration Production
Sharing Contract (PSC) for an area spanning 662 square kilometer
close to the offshore Kitan field, in the Timor Sea.
Per the PSC, Eni is required to drill two exploration wells within
the first two years and split the alternatives for the drilling of
two contingent wells. Located in the Joint Petroleum Development
Area (JPDA), which is managed by both Australia and Timor-Leste,
the contract area lies in an average water depth of 350 meters.
Eni has discovered numerous oil prospects in the JPDA. The company
may take advantage of these discoveries together with any other oil
discoveries it makes in the adjacent producing Kitan field.
The first commercial discovery in the Eni-operated Kitan field was
made in 2007, while the first oil from the field was seen in Oct
2011. In 2012, the field touched a peak production rate of 45,000
barrels of oil per day.
Eni also operates the JPDA 11-106 PSC with an equity of 40.5%. The
other partners in the joint venture include INPEX Offshore
Timor-Leste Ltd and Timor GAP PSC 11-106 Unipessoal Limitada
(TimorGap), with a stake of 35.5% and 24%, respectively.
Eni’s presence in Australia, as an operator, dates back to 2000,
while in Timor-Leste and in the JPDA it has been operating since
2006 and 2007, respectively. In Australia, the Blacktip gas project
is 100% owned and operated by Eni. The other non-operated projects
comprise the Bayu-Undan gas and condensate fields as well as the
associated liquefaction plant in Darwin.
Eni has a stake in 15 licenses for offshore exploration in
Australia and Timor-Leste, of which it retains operatorship in 12
licenses.
Eni holds a Zacks Rank #3 (short-term Hold rating). However, Zacks
Ranked #1 Range Resources Corporation (RRC),
EPL Oil & Gas, Inc (EPL) and Stone
Energy Corp (SGY) are expected to outperform the market
over the next few months.
ENI SPA-ADR (E): Free Stock Analysis Report
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
RANGE RESOURCES (RRC): Free Stock Analysis Report
STONE ENERGY CP (SGY): Free Stock Analysis Report
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