Left Menu
Development News Edition

Italian energy giant Eni to purchase 70 pct stake in Oooguruk oil field


Italian energy giant Eni to purchase 70 pct stake in Oooguruk oil field

Eni has signed an accord to purchase from Caelus Energy a 70 per cent stake in the Oooguruk oil field that it doesn't already own, allowing the Italian energy giant to ramp up its production in Alaska by around 7,000 barrels of oil per day, the company said in a statement. Eni already owns the remaining 30 per cent working interest in Oooguruk and operates 100 per cent of the nearby Nikaitchuq oil field.

Thursday's agreement will allow major "synergies and optimizations" between the two oil fields, the statement said. Eni plans to drill further production wells at Oooguruk and Nikaitchuq, with the target to increase its total Alaska production beyond 30,000 boed, according to the statement. The Oooguruk oil field, located in the Beaufort Sea, five km off Alaska's North Slope coast, has been in production since 2008 and current gross production is of approximately 10,000 bopd from 25 producing wells and 15 gas/water injector wells.

The buyout from US-based Caelus Energy "will also further strengthen Eni's presence in the region after the recent acquisition in August 2018 of 124 exploration leases..in the Eastern North Slope of Alaska," the statement added. The agreement was subject to approval by local authorities. Eni is present in 21 oil and gas fields in the US and operates 11 of these with a net daily production of approximately 60,000 boed. The company holds 228 leases in the Gulf of Mexico and in Alaska and has a non-operated participation in the Alliance shale gas field near Fort Worth, Texas, where it operates by offering support to the municipal waste disposal system.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

You don't lose form overnight, Indian bowling attack is still world class: McGrath

Former Australian pacer Glenn McGrath on Wednesday reposed his faith on the Indian bowling unit, saying it remains a world class attack despite Indias 10-wicket loss in the opening Test against New Zealand. While Ishant Sharma returned with...

Samajwadi Party MP Azam Khan, wife, son sent to judicial custody

Samajwadi Party MP Azam Khan, his legislator wife Tanzin Fatima and MLA son Abdullah Azam were on Wednesday sent to judicial custody for allegedly faking Abdullahs birth certificate. They have been sent to judicial custody till March 2, Ram...

MP: Railways identifies 25 overbridges for repairs

The West Central Railway WCR has identified 25 foot overbridges FOBs in three ofits divisions that need repairs, a senior officer said. The move has come after eight persons were when a slabof a ramp connecting the FOB between two platforms...

UPDATE 1-Brazil confirms first coronavirus case in Latin America -source

A Brazilian government test has confirmed the first case of a fast-spreading new coronavirus in Latin America, a source said on Wednesday, after a Sao Paulo hospital flagged the possible infection of a 61-year-old who had visited Italy. Bra...

Give Feedback