Exploration Company of the Year
Eni has enjoyed another year of exceptional drill bit success, with the Calypso 1 gas discovery offshore Cyprus—ranked by consultancy Rystad Energy as the largest globally in the first half of the year—a stand-out success. In Egypt, it twice hit oil with the A2-X and B1-X wells in the Faghur Basin, as well as gas at Obayed in the country’s western desert, and struck oil at the Kalimba prospect deepwater Angola. The firm’s “near field” exploration strategy paid off at Norway’s Skruis prospect in PL532 close to the Johan Castberg project, and it also spudded a successful appraisal well at Cape Vulture in the northern Norwegian Sea, within just 10km of the Norne FPSO.
Previous exploration success is also translating into the development phase. Eni announced in September that its giant Zohr gas field in Egypt, which came on stream just before the end of 2017, had already reached the production milestone of 2bn ft³/d. It also brought on stream this year the OCTP project deepwater
Ghana, the Bahr Essalem phase 2 development offshore Libya and the Ochigufu field deepwater Angola. A development plan for the Merakes discovery offshore Indonesia was submitted in April and for Area 1 in Mexico in August.
Nor is Eni resting on its laurels. It has moved to strengthen its exploration licensing position globally, accessing additional prospective acreage across regions as diverse as Alaska, Algeria, Egypt, Indonesia, Lebanon, Mexico and Mozambique. And its commitment to technological innovation remains strong—in May, it announced a breakthrough when its new HPC4 supercomputer executed 100,000 high resolution reservoir model simulation runs in just 15 hours.
All of this makes Eni, for an unprecedented fourth successive year, a thoroughly deserving recipient of this award.