The Kitan oil field, one of the projects of the Joint Petroleum Development Area (JPDA) in the Timor Sea, has reached the end of its useful life, reported the Platts website, citing a source from Italian oil group ENI.
The source of the Italian group, which is the operator of the field, said that in January it would no longer be possible to extract Kitan oil as it had reached the end of field life “faster than expected”, having produced about 60 million barrels.
The field, operated as a consortium between Eni (40 percent stake), Japan’s Inpex Corporation (35 percent) and Talisman Energy (25 percent) – acquired last May by Spain’s Repsol – was discovered in 2008 by the Italian oil company and has been in production since October 2011.
Located about 170 kilometres from Timor-Leste (East Timor) and 500 kilometres from Australia, the project is in the area jointly managed by Timor-Leste and Australia.
The Government of Timor-Leste acknowledged in March that the Kitan field had “modest” production, when compared to Bayu Undam, the largest contributor to Timor-Leste’s state revenues. (macauhub/TL)