Eni completes acquisition of Maurel & Prom's assets in Congo

abarrelfullabarrelfull wrote on 03 Jan 2014 08:12

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30 May, 2007

Eni announces that it has today completed the acquisition of Maurel & Prom assets in the Republic of Congo. Eni has obtained the operatorship of the M'Boundi (Eni equity 43.1%) and Kouakouala "A" (66.67%) concessions and of the Le Kouilou exploration permit (48%).

Through the development of the M'Boundi field, which has oil-in-place estimated at 1.4 billion barrels and 2P reserves amounting to 320 million barrels, Eni's equity production in Congo will rise from 67,000 barrels per day (bpd) in 2006 to approximately 100,000 bpd in 2010.

In the development of these new fields, Eni intends to create important synergies with existing activities in the country. By adopting the most advanced technologies, such as an intense drilling programme of water injection wells, Eni also aims to improve the oil recovery factor of the acquired fields and to develop the exploration potential of Le Kouilou permit.

As part of its sustainability strategy, Eni has also signed a "Protocole d'Accord" with the Republic of Congo for doubling the volumes of power of the Djeno power station by installing a second 25-MW turbo-generator to be supplied with associated gas produced from the M'Boundi field. This project aims at increasing the power and reliability of the local electricity system, needed for the country's industrial development and social improvement.

Eni has been active in Congo in exploration and development activities since 1968 and has invested some 4 billion dollars to 2006.

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