The company said Thursday it completed work at its Evans Shoal North-1 appraisal well in the shallow waters of the Timor Sea.
"Eni estimates that the Evans Shoal gas field contains at least 8 trillion cubic feet of raw gas in place," the company said in a statement. "Eni remains committed to fast track development of the significant and known resources in this exploration area."
Eni said it produced 30 million cubic feet of natural gas during a production test.
The Italian energy company operates the Evans Shoal North prospect on behalf of a consortium including Royal Dutch Shell, Petronas Carigali and Osaka Gas Australia Pty Ltd.
The Sydney Morning Herald in June reported Australia may be one of the region's premier natural gas producers. Several of the world's largest energy companies are working there to produce energy for their Asian counterparts, which have secured long-term supply agreements.