At a time when the world's offshore industry is seeing huge changes in the way it does business, against a background of recession and tight-fisted banks, the need for strategic insight in upstream petroleum has perhaps never been greater, especially offshore where the highest stakes are being played.
ITALIAN energy giant Eni has reported a new oil discovery in the Timor Sea in the jointly administered area held by Timor Leste and Australia. Eni said the exploration well, Kitan-1, was drilled in block JPDA06-105, some 500km off the Australian coast, to a total depth of 3,568m (11,707ft) and encountered a "significant" column of hydrocarbons.
