East Timor: Italy’s ENI strikes oil in Timor Sea

11 March 2008

Milan, Italy, 11 March – Italian energy company ENI announced on Monday that it has made a new oil discovery in the Timor Sea in an area jointly administered with Australia.

In a statement, ENI said the exploration well was drilled at a depth of 3,560 meters and tests indicate production potential of 6,100 barrels per day. The discovery was made in an area 500 kilometers off the Australian coast.

ENI is the undertaking’s operator with a 40 percent stake in joint venture with Japan’s Inpex and Talisman Energy of Canada, each with 25 percent shareholdings.

The head of Timor’s petroleum affairs agency, José Gonçalves, said last month that Dili will launch fresh licensing rounds in 2009 and 2010. Timor currently has monthly oil revenues of around US$ 100 million. (macauhub)