Eni looks for growth near Australia

MILAN, Italy, April 15 (UPI) -- More wells are planned areas near the Kitan oil field in a region off the coast of Australia, Italian energy company Eni announced.

Eni said it secured a new production-sharing contract area near the offshore Kitan oil field in the Timor Sea. The region covers about 255 square miles.


"The production sharing contract foresees the commitment to drill two exploration wells during the first two years and separate options for the drilling of two contingent wells," Eni said in a statement.

Eni started production at the Kitan oil field in late 2011, about three years after it said the area held commercial discoveries. Kitan reached a peak production rate of about 45,000 barrels of oil per day last year.

Eni said there were a number of other opportunities available in areas surrounding Kitan and the production-sharing contract gives it the chance to exploit new discoveries.

The company considers Kitan part of a growth strategy in the region. It has further ambitions offshore Australia and in discoveries in Indonesia.

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