Nicholas Newman Afroil March 2017
With rights to over 157,000 acres and almost 4,900 oil and 555 gas wells and 10 field start-ups or under development, Italy’s Eni is a leader in exploration and production (E&P) in Africa. Most of Eni’s worldwide finds of 13bn barrels of oil were discovered in the last decade. These mainly came from finds made in Nigeria, Congo-Brazzaville, Ghana and Angola. In 2012, Eni discovered Mozambique’s super major Rovuma Basin containing 100 Tcf of gas. A long established presence in Egypt was crowned with the discovery of the giant 30 Trillion cubic feet (Tcf) Zohr gas find in 2015. Other significant African finds include Ghana’s offshore Cape Three Points oil and gas project in 2009 and Angola’s Block 15/06 gas field in 2006. Consequently, Eni is Africa’s leading gas producer with an output of 2.23 Billion cubic feet (Bcf) of gas per day produced and sold in 2014. Eni has ongoing plans to invest some $12bn in Africa during 2016-19, says Eni CEO, Claudio Descalzi presenting 2016 results in March.
This feature provides an overview of some of Eni’s major African projects and identifies key factors in Eni’s exploration success.
Employing 3,742 people in 14 countries in Africa, Eni is engaged in exploration and production in Algeria, Angola, Congo, Egypt, Ghana, Libya, Mozambique and Nigeria. Lesser projects are underway in Tunisia, South Africa, Liberia, Kenya and Ivory Coast. In addition, it has refining and marketing operations in Gabon and Ghana. On 31 December 2015, Eni’s proved undeveloped reserves amounted to 2.867 billion barrels, of which 1,411 million barrels of liquids mainly located in Africa and Kazakhstan.