Italy's biggest energy company by market value,
), has yet again hit upon a massive oil and gas deposit, offshore
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The latest discovery is located at the Nene' Marine exploration
prospect in the Marine XII Block about 17 kilometers from the
shoreline. The find is estimated to hold 717 million barrels of
Based on the results of the two wells which have been proved so
far, the prospect is projected to hold about 600 million barrels
of oil and 700 billion cubic feet of gas. The structure is
believed to have additional upside that will be assessed with
further delineation wells.
The probe was made through the well Nene' Marine 1, which was
spud in 24 meters of water to reach a depth of 3,013 meters. A
considerable wet gas and light oil accumulation was uncovered in
the pre-saline clastic sequence of Lower Cretaceous age.
The drilling of another well - Nene' Marine 2 - 2 kilometers from
the latest discovery, validated the considerable hydrocarbon
accumulation and the continuity of the reservoir. Both the wells
flowed oil at a commercial rates of 37° API gravity, during
The Italian company will carry on the appraisal of the discovery
while commencing studies for commercial development of the
hydrocarbon accumulation in well Nene' Marine 1 along with its
Eni, the operator of Marine XII block, holds a stake of 65%.
Other partners include New Age and state company SNPC (Societé
Nationale des Pétroles du Congo) with a share of 25% and 10%,
respectively. Currently, Eni has an equity production of 110,000
barrels of oil per day in the Republic of Congo.
Eni carries a Zacks Rank #5 (Strong Sell). However, not all
sector stocks are performing as poorly as Eni.
Range Resources Corporation
Gulfmark Offshore, Inc.
) with a Zacks Rank #1 (Strong Buy) are good investment choices.