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Eni, CNOOC To Develop Oil Discovery

Italian oil major Eni, has made a new discovery

China National Offshore Oil Company announced Monday that its partner, Italian oil major Eni, has made a new discovery in the Eastern South China Sea.

The discovery at well HZ25-4-1 is located in Block 16/19 in the Pearl River Mouth Basin, about 180 kilometers southeast of Hong Kong.

The well was drilled to a total depth of more than 3,900 meters in about 102 meters of water. The well is expected to produce more than 5,000 barrels of high quality oil a day.

Zhu Weilin, Vice President of the Company and General Manager of exploration department, said that due to its proximity to the existing production wells the new discovery is more likely to be commercially viable.

According to the partnership agreement, CNOOC Ltd. has the right to acquire up to 51 percent working interest in any commercial discoveries in the block.