The exploration area spread over 662km² is near the offshore Kitan oil field. The PSC area is situated within the Joint Petroleum Development Area (JPDA) managed by both Australia and Timor-Leste.
Under the PSC, Eni has committed to spud two exploration wells in the first two years.
The company will also drill two contingent wells under separate options.
In the JPDA area, which has an average water depth of 350m, Eni has already found a number of oil prospects.
Eni intends to develop the oil prospects along with the nearby producing Kitan field, if any discoveries are made.
Eni operated Kitan oil field started producing in October 2011 and reached peak production of 45,000 barrels of oil per day in 2012.
The company operates the JPDA 11-106 with 40.53% interest in joint venture with INPEX Offshore Timor-Leste, which holds 35.47% share, while Timor GAP 11-106 Unipessoal (TimorGap) holds 24% interest in the area.
