Italian energy major Eni has made a new oil discovery in the Timor Sea, in an area jointly administered by Timor-Leste and Australia. The exploration well Kitan-1, located some 500 kilometers off the Australian coast, was drilled to a total depth of 3,568 meters and highlighted a significant presence of hydrocarbons.
Eni is the operator with a 40% interest in the permit, while Inpex has a 35% stake and Talisman Resources has a 25% interest. Initial test results indicate a flow rate of 6,100 barrels of oil per day. The data will be interpreted to assess the potential dimension of the discovery.
This discovery reportedly reinforces Eni’s presence and growth potential in the region. The company has a 10.99% stake in the producing Bayu-Undan gas condensate field and related liquefied natural gas facilities.
Eni also has a 100% stake in the Blacktip gas field, which is currently under development, and an 80% stake in five exploration blocks administered by Timor-Leste, located between the southern coast line of Timor-Leste and the northern boundary of the joint petroleum development area.