Tuesday, 24 July 2018 08:28

Eni to reduce interests in oilfields in Mexico, Indonesia

Italian oil and gas major Eni is reducing its participation interests in oilfields in Mexico and Indonesia, chief financial officer Massimo Mondazzi said, without providing details of potential buyers and divestment size.
The executive told reporters on the sidelines of an industry conference this has been done before, involving Mozambique and Egypt operations, Kallanish Energy learns.
“We define our strategy as ‘dual exploration;" we normally start with a very high stake in a field and then reduce it through an ongoing process,” he said, adding the company will continue to follow such an approach in the future.
With operations in 46 countries, the major has reached record-high production in 2017 of 1.81 million barrels of oil-equivalent per day (MMBOE/d). It’s targeting production growth of 3.5% per year.
Onshore and offshore operations in Indonesia yielded the company some 41,000 BOE/d in 2017 production – mainly natural gas. They are concentrated in the Eastern offshore and onshore of East Kalimatan, offshore Sumatra, and offshore & onshore of West Timor and West Papua. Eni has interests in 14 blocks.
In April, Indonesia approved the development plan of the offshore Merakes gas field, which Eni operates with a 75% stake. Last month, the company was awarded 100% interest in the East Ganal deep offshore exploration block in the Kutei Basin.
In Mexico, Eni solely owns and operates the offshore Area 1, in the Gulf of Mexico, and also operates the Block 10, Block 14 and Block 7, in the Sureste Basin. It also operates Block 24 and 28, with stakes of 65% and 75%, respectively. Production start-up for the Area 1 block is expected in 2019.
Eni didn’t comment on the negotiations underway, nor which projects they are related to.

Link: https://www.kallanishenergy.com/2018/06/01/eni-to-reduce-interests-in-oilfields-in-mexico-indonesia/

Italian oil and gas major Eni is reducing its participation interests in oilfields in Mexico and Indonesia, chief financial officer Massimo Mondazzi said, without providing details of potential buyers and divestment size.

The executive told reporters on the sidelines of an industry conference this has been done before, involving Mozambique and Egypt operations, Kallanish Energy learns.

“We define our strategy as ‘dual exploration;" we normally start with a very high stake in a field and then reduce it through an ongoing process,” he said, adding the company will continue to follow such an approach in the future.

With operations in 46 countries, the major has reached record-high production in 2017 of 1.81 million barrels of oil-equivalent per day (MMBOE/d). It’s targeting production growth of 3.5% per year.

Onshore and offshore operations in Indonesia yielded the company some 41,000 BOE/d in 2017 production – mainly natural gas. They are concentrated in the Eastern offshore and onshore of East Kalimatan, offshore Sumatra, and offshore & onshore of West Timor and West Papua. Eni has interests in 14 blocks.

In April, Indonesia approved the development plan of the offshore Merakes gas field, which Eni operates with a 75% stake. Last month, the company was awarded 100% interest in the East Ganal deep offshore exploration block in the Kutei Basin.

In Mexico, Eni solely owns and operates the offshore Area 1, in the Gulf of Mexico, and also operates the Block 10, Block 14 and Block 7, in the Sureste Basin. It also operates Block 24 and 28, with stakes of 65% and 75%, respectively. Production start-up for the Area 1 block is expected in 2019.

Eni didn’t comment on the negotiations underway, nor which projects they are related to.

Link: https://www.kallanishenergy.com/2018/06/01/eni-to-reduce-interests-in-oilfields-in-mexico-indonesia/

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