Timor Sea Designated Authority approves the Development Area for the Kitan oil field Commercial Discovery
Posted on June 9, 2008 – 1:08 pm | by vchris
Kitan has recently been discovered by the successful exploration activity performed by Eni through the well Kitan-1. Following the discovery, Eni also drilled the well Kitan-2 which was completed on 30 March 2008 and confirmed the presence of a potentially commercial oil accumulation.
San Donato Milanese (Milan), 9 June 2008 - The Timor Sea Designated Authority (TSDA) has approved the development area for the Kitan oil field following Eni’s declaration of commercial discovery. The Kitan discovery is located in the permit 06-105 of the Joint Petroleum Development Area (JPDA), an area jointly administered by Timor-Leste and Australia and situated approximately 170 km off the Timor-Leste coast and 500 km off the Australian coast.
Kitan has recently been discovered by the successful exploration activity performed by Eni through the well Kitan-1. Following the discovery, Eni also drilled the well Kitan-2 which was completed on 30 March 2008 and confirmed the presence of a potentially commercial oil accumulation.
Eni will now progress the preparation of a Development Plan to the TSDA that will be delivered within 12 months of this approval.
Eni is the operator (40%) in the permit JPDA 06-105, with Inpex (35%) and Talisman Resources (JPDA 06-105) Pty Limited (25%) as joint venture partners.
This discovery reinforces Eni’s presence and growth potential in the region. The company also has a 10.99% stake in the producing Bayu-Undan gas/condensate field and related LNG facilities, a 100% stake of the Blacktip gas field, which is currently under development and an 80% stake in 5 exploration blocks administered by Timor-Leste, located between the southern coast line of Timor-Leste and the northern boundary of the Joint Petroleum Development Area. Eni has been operating in Australia since 2000 and in Timor-Leste since 2006.
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Tags: Commercial, discovery, Eni, Kitan oil field, Timor Sea
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