Italian oil and gas major EniSpA E has struck gas and condensates in the Bouri North exploration prospect in Area D, offshore Libya.
Area D is located 140 kilometers offshore and 20 kilometers north of Bouri’s production field. The prospect has gas and condensates in the Metlaoui Group of Eocene age, which were discovered through the A1-1/1 well that was drilled in water depths of 125 meters.
During the production test the well produced 1,340 barrels of oil equivalent per day (Boepd) with a “64/64‘ choke size. The production test, however, was restricted by surface facilities. Per the production configuration, the well is projected to provide over 3,000 Boepd.
Since the beginning of 2015, this is Eni’s second discovery in Libyan offshore Area D.
The company, through its subsidiary Eni North Africa BV, is the operator of Contract Area D with 100% working interest in the exploration phase.
Eni’s presence in Libya dates back to 1959. The company currently yields over 300,000 barrels of oil equivalent per day in the country.
Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments are Exploration and Production (E&P), Gas and Power, and Refining and Marketing.
The company conducts its major exploration and production activities for hydrocarbons. Eni operates these activities out of Italy, Croatia, North Africa, West Africa, the North Sea, the Gulf of Mexico, the Middle and Far East, the Caspian Sea, Australia and Latin America.
Eni currently carries a Zacks Rank #3 (Hold). Better-ranked players from the same space include Transmontaigne Partners L.P. TLP, TransCanada Corp. TRP and Pembina Pipeline Corporation PBA. All these stocks sport a Zacks Rank #1 (Strong Buy).
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