Angola grants Eni three-year extension for offshore block

offshore angolaIn Block 15/06, acquired in 2006 following an international bid round, Eni has, until now, drilled 24 exploration and appraisal wells. (Image source: Conduqtor/Wikimedia Commons)Italian explorer Eni has been granted a three-year extension on the exploration period for its offshore Block 15/06 in Angola

The approved block is approximately 350 km north-west of the capital Luanda and 130 km east of Soyo town.

The original exploration period had 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 of 3D seismic, the explorer added.

The extension also includes an area adjacent to Block 15/06, which covers the discovery of Reco-Reco, estimated to have a reserve of 100mn barrels of oil in place.

Eni is operator of Block 15/06 with a 35 per cent stake and Sonangol EP is the concessionaire. The other partners in the joint venture are Sonangol Pesquisa e Produção with 35 per cent holdings, SSI Fifteen Limited owning 25 per cent stake and Falcon Oil Holding Angola SA with five per cent stake.

Eni CEO Claudio Descalzi said, “The extension of the exploration period of Block 15/06, which includes the Reco-Reco discovery, recognises Eni’s ability to successfully fulfil the role of operator, one which requires both technological innovation and a high level of operational efficiency. Furthermore, it marks an additional success for Eni in Angola.”

In Block 15/06, acquired in 2006 following an international bid round, Eni has, until date, drilled 24 exploration and appraisal wells, discovering over three billion barrels of oil in place and 850mn barrels of reserves.

The block also includes the East Hub Development Project, which is already under development and is expected to start production in 2017. In 2014, the company discovered Ochigufu, with an estimated 300mn barrels of oil in place, which would be linked to the West Hub Development Project by 2017.

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