Eni obtained a three-year extension from the Angolan authorities to the exploration period of Block 15/06, located in Angola’s offshore, about 350 km (217 miles) northwest of the capital Luanda and 130 km (80 miles) east of Soyo, according to a press release.
The original exploration period expired in November 2014, and Eni requested an extension in order to complete the exploration activities already identified: the three-year plan envisages the drilling of three wells and 1,000 sq km (386 sq miles) of 3-D seismic. Should the exploration activities be successful, any new discoveries can be developed quickly using existing production facilities.
The extension also includes an area adjacent to the block 15/06, which covers the discovery of Reco-Reco, estimated to be about 100 MMbbl of oil in place. Synergies with existing infrastructure will enable production in this area to begin quickly.
In Block 15/06, acquired in 2006 following an international bid round, Eni has drilled 24 exploration and appraisal wells, discovering more than 3 Bbbl of oil in place and 850 MMbbl of reserves.
In November 2014, Eni started production at the West Hub Development Project, relative to block 15/06, just four years after the declaration of commercial discovery. Block 15/06 also includes the East Hub Development Project, which is already under development and is expected to start production in 2017. In 2014, Eni also discovered Ochigufu, with an estimated 300 MMbbl of oil in place, which will be linked to the West Hub by 2017.
Eni is operator of Block 15/06 with a 35% stake and Sonangol EP is the concessionaire. The other partners in the joint venture are Sonangol Pesquisa e Produção (35%), SSI Fifteen Ltd. (25%) and Falcon Oil Holding Angola SA (5%).
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