Eni has obtained a three-year extension to complete exploration on Block 1506 in Angola.
The company acquired the block in 2006 following an international bid round.
It has since completed 24 exploration and appraisal wells, and discovered more than three billion barrels of oil and 850 million barrels of reserves.
The three-year extension will allow the company to complete exploration activities already identified following the original period expiring in November last year.
The company said it plans drilling of three wells and 1,000 square kilometres of 3D seismic.
The extension also includes an area adjacent to the block 15/06 which covers the discovery of Reco-Reco, estimated to be about 100 million barrels of oil in place.
Chief executive Claudio Descalzi said: “The extension of the exploration period of Block 15/06, which includes the Reco-Reco discovery, recognizes 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.”
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 Limited (25%) and Falcon Oil Holding Angola SA (5%).
Eni has also announced production at the Lucius oil field in deepwater Gulf of Mexico.
The Lucius has a production secured through six subsea wells tied back to a moored production handling spar connected to the shore via dedicated oil and gas pipelines.
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