Ernie Delfoes, managing director of Eni’s Australian division, announced that the company plans to spend up to US$230 million drilling in the Timor Sea over the next 18 months.
On April 13, Eni was awarded an exploration production sharing contract in the Timor Sea, covering nearly 256sq mi adjacent to the Kitan field, which the company operates. The contract includes a Joint Petroleum Development Area (JPDA), administered by both Australia and Timor-Leste. The area has an average water depth of about 1148ft.
Delfos said operations will first take place in the Evans Shoal area, the Blackwood area, the Kitan area, in deepwater Timor-Leste, in the Vesta-Swan area, and the Blacktip field.
Joint venture partners are Shell (32.5%), Eni (32.5%), Petronas Carigali (25%) and Osaka Gas (10%), all of which have liquefied natural gas positions in Australia that they want to grow.
At the recent South East Asia Australia Offshore Conference, Delfos informed delegates that Eni is investing heavily in Australia and the Far East because of the region’s strong energy demand.