Eni Provides Update on Blackwood-2 - Analyst Blog
The final update was released on Italian oil major Eni SpA ( E ) operated well Blackwood-2 in Permit NT/P68 in the Timor Sea, Australia.
Another partner, MEO Australia Limited, an independent oil and gas company, reported that in keeping with its pre-drilling plans, the well was plugged and abandoned after conclusion of production testing since the last report. The company also reported that Ensco plc 's ( ESV ) jackup Ensco 104 has also been released from the drilling location.
Under the NT/P68 Farm-in Agreement (FIA) between Eni and MEO, dated May 17, 2011, the drilling of Blackwood-2 was an obligation. Per the FIA and the consequent amendment, MEO's 50% participating interest share of the well costs were fully carried.
Located about 8 kilometers (5 miles) from the Blackwood-1 discovery well - the Blackwood-2 intended to develop a better understanding of the distribution of reservoir properties, analyze the position of the gas-water-contact and facilitate productivity studies.
Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company's major business segments are Exploration and Production, Gas and Power, and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons. Other segments are Chemicals, Services & Engineering, Other & Corporate, and Corporate & Financials.
In addition, Eni is involved in offshore and onshore hydrocarbon field construction. Further, the company offers offshore and onshore drilling, and offshore design and engineering services for oil and gas companies.
Eni carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the oil and gas sector include Harvest Natural Resources Inc. ( HNR ) and Transocean Ltd. ( RIG ). Both these stocks hold a Zacks Rank #1 (Strong Buy).
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