Eni: New Discovery in the South China Sea

abarrelfullabarrelfull wrote on 12 Sep 2014 06:39

June 12, 2001

Eni announces the discovery of a new oil field by the CACT Consortium (of which Eni is part) in the South China Sea, in the Pearl River Mouth Basin area.

The well, called "HZ/19-2-1", is in the offshore block CACT 16/19. It has been drilled at a water depth of 102 meters with a total depth of 3.875 meters hitting several hydrocarbons intervals. The discovery represents a new opportunity for the Consortium and shows the excellent execution of the well and of the production tests, carried out with the highest environmental and safety standards.

The area has been drilled on the basis of tridimensional (3D) seismic surveys that enabled to define the prospect in the north area of the block.

The area covered by the first tests encountered oil with 46° API with an initial production of 4,700 barrels of oil per day.

The discovery confirms Eni's geological and geophysics interpretation of the structure, it will enable to obtain relevant operative and economic synergies using the existing production and organizational infrastructures. Furthermore the new discovered reserves will enable to maintain the current production levels for a longer period.

The CACT Consortium is formed by Eni, CNOOC Limited, Chevron and Texaco. The Consortium is one of the major oil offshore producers in China with a daily production of about 100,000 barrels of oil.

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