Eni, Inpex to explore Timor Sea field | Company data
(Insider Stories)-Eni SpA (ENI) said it along with Inpex Corp (1605) and Timor Leste national oil company Timor Gap EP have been awarded a new exploration PSC for the JPDA 11-106 field in the Timor Sea adjacent to the producing Kitan offshore field in the Joint Petroleum Development Area administered by Timor Leste and Australia, and it foresees commitment to drill two exploration wells in the first two years with separate options to drill two contingent wells.
Eni CEO Paolo Scaroni Monday said Indonesia’s hydrocarbon potential hasn’t declined and Eni would be keen to take over blocks relinquished by other firms as well as bidding for new developments that the government opens up, after several other operators including Exxon Mobil (XOM) and Hess (HES) pulled out of uneconomical blocks this year.
Eni says it has identified a number of oil prospects that could be exploited in conjunction with the Kitan field in case of any discoveries. Kitan started production in 2011, three and a half years after declaration of a commercial discovery, and reached peak output of 45,000 b/d in 2012. Eni has 40.53% equity in JPDA 11-106, INPEX Offshore Timor-Leste LTd has 35.47% and Timor GAP PSC 11-106 Unipessoal Limitada 24%.
Eni operates and owns 100% of the Blacktip gas project in Australia and has a non-operating interest in the Bayu-Undan gas and condensate fields, as well as the associated liquefaction plant in Darwin. It holds interests in 15 licences for offshore exploration in Australia and Timor-Leste, including 12 licences as operator.
