Eni Makes ‘Significant’ Gas, Condensate Find in Gabon

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Italy’s Eni announced Thursday that it has made a significant gas and condensate discovery in the Nyonie Deep exploration prospect that is located in block D4, approximately eight miles from the coast of Gabon and 30 miles from its capital city, Libreville. Eni said that preliminary estimates suggest hydrocarbons in place at the discovery could amount to 500 million barrels of oil equivalent.

The discovery was made in the pre-salt layer of Gabon through the NFW Nyonie Deep 1 well, which was drilled to a depth of approximately 14,150 feet in shallow water. The well encountered a thick hydrocarbon-bearing section of 1,050 feet in the pre-salt clastic sequence of Aptian age. The structure, which extends over an area of more than 15 square miles, covers two offshore exploration blocks that are both operated by Eni.

Thursday also saw Eni report its results for the second quarter of 2014. The firm’s adjusted net profit of $1.2 billion was around 10 percent short of consensus forecasts, according to Jefferies analyst Marc Kofler, in part due to a weaker upstream performance. The firm produced 1.58 million barrels of oil equivalent per day during the quarter, compared to 1.65 million boepd during 2Q 2013. 

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