Ithaca Energy and Eni UK merge to create UK North Sea powerhouse

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Partial electrification of Sleipner approved

The Ministry of Petroleum and Energy has approved a revised plan for development and operation (PDO) for partial electrification of the Sleipner field centre. The field centre will be tied to the Utsira High area solution, and Sleipner is expected to cut emissions by more than 150,000 tonnes of CO₂ per year.“Partial electrification of the Sleipner field centre will contribute to major cuts in emissions from our activities and provide significant...

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Mediocre week for UK exploration

This week saw a disappointing well result in Rowallan and a mediocre result in Verbier. Rowallan The keenly watched wildcat drilled at the Rowallan prospect "was not found to be hydrocarbon-bearing”. The 22/19c-7 well was targeting 143mmbbl in a structural fault and dip-closed trap analogous to Total’s Culzean field 20km away. The well encountered a 182m section of sandstone and shale after being drilled to a depth of 4,641m . The Dundonald...

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Total enters into two new 40 year concessions with ADNOC

Total has extended its commitment to the Abu Dhabi by entering into two new 40 year concessions with ADNOC for USD1.45 billion. This follows the deal last week between Eni and ADNOC. Total has been granted a 5% interest in Lower Zakum and 20% interest in the new Umm, Shaif & Nasr concession. Total notes that the access cost equates to USD1/boe of reserves. Comparison of transactions Total Eni Lower Zakum 5% 5% Uum, Shaif & Nasr 20% 10% Price Paid USD1.45 billion USD875 million ...

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Eni enters the Emirates

Eni has made its first move into the Emirates with entry into various fields in Abu Dhabi. It has paid ADNOC USD875 million to acquire a 40-year licence on: 5% in Lower Zakum offshore oil field 10% in Umm, Shaif and Nasr offshore oil, condensate and gas fields The fields require further investment with combined gross production from the fields targeting 910mbopd. Once at plateau, the fields will contribute material production and generate significant cash flow. Eni press release below Eni signed today in Abu Dhabi two Concession Agreements...

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Mubadala enters Zohr - acquires 10% from Eni

Mubadala has agreed to acquire a 10% interest in Zohr from USD934 million. Mubadala will acquire an interest in the Shorouk concession which contains the Zohr field. The super giant field came onstream in December 2017, 28 months after its discovery. The field is currently producing 400mmcfpd and planned to reach plateau by the end of 2019. For Mubadala, this adds a world class asset with long term cash flows into its investment portfolio. Musabbeh...

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OVL to bid for South Azadegan oil development in Iran

Indian oil giant ONGC Videsh Limited ("OVL") will bid for the development rights of the giant South Azadegan in Iran. There is strong competition with the likes of Gazprom, Lukoil, Rosneft, Shell, Total, Eni Petronas, Inpex, Sinopec and CNPC. of Malaysia and Russia’s Gazprom. OVL is one of 34 companies that pre-qualified last year for development of the field which is estimated to contain 6bnboe recoverable and currently produces 80mbbl/d - with the right investment, this could reach 320mbbl/d. The National Iranian Oil Co ("NIOC") will issue a...

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Zohr II at Calypso offshore Cyprus

Eni has made a sizeable gas discovery offshore Cyprus which could accelerate the country’s path to gas exports. The Calypso-1 discovery was made on Block 6 which is dubbed as a “Zohr like” play. Full announcement by Eni below: Eni has made a lean gas discovery in Block 6 Offshore Cyprus with Calypso 1 NFW. The well, which was drilled in 2,074 meters of water depth reaching a final total depth of 3,827 meters, encountered an extended gas column...

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Zohr record breaker

In record time for a deepwater gas development of this scale, Eni has announced first production from Zohr. The field was discovered in August 2015 and FID taken in early 2016 - Eni achieved first gas from discovery in 2.5 years. Zohr is the largest gas discovery ever made offshore Egypt and is located in the Shorouk block. The field has begun production at 350mmcfpd and is expected to grow to 1bcfpd by mid-2018. The speed of development is a...

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Eni signs EPSA for Block 52 offshore Oman

The Government of the Sultanate of Oman, Oman Oil Company Exploration and Production ("OOCEP"), a subsidiary of state company Oman Oil Company ("OOC"), and Eni today entered into an Exploration and Production Sharing Agreement ("EPSA") for Block 52, located offshore Oman. Block 52 is an underexplored area with hydrocarbons potential located offshore in the southern region of Oman. Block 52 has an area of approx. 90,000 Km2, with water depths...

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Eni: Bringing in successive partners for Zohr

On 28th November, Eni announced the divestment a 10% interest in Zohr to BP for USD375 million plus pro-rata reimbursement of past costs (c.USD150 million net), bringing total consideration to USD525 million. BP also has an option to acquire an additional 5% interest on the same terms before the end of 2017. On 12th December, Eni announced that it had divested a further 30% interest in Zohr to Rosneft for USD1.125 billion and USD450 million...

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