Eni acquires 70%, operatorship of the Oooguruk oil field in Alaska

1/3/2019
Kuparuk-Torok oil pool, Oooguruk unit. Photo: Alaska Department of Administration.

SAN DONATO, Milan -- Eni has entered into an agreement to acquire 70% and operatorship of the Oooguruk oil field in Alaska from Caelus Natural Resources Alaska LLC. Eni already owns the remaining 30% working interest. The agreement is subject to the approval of the authorities and to certain closing conditions.

The Oooguruk oil field, located in the Beaufort Sea approximately 3.1 mi (5 km) off Alaska’s North Slope coast, has been in production since 2008, and current gross production is of approximately 10,000 bopd from 25 producing wells and 15 gas/water injector wells. Production facilities are located on an artificial gravel island, located in just 4.9 ft (1.5 m) of water depth with dry production trees, which provide for safe and environmentally responsible production operations, comparable to those of an onshore field.  Additionally, Eni will leverage on the existing excellent relationships and cooperation with the local communities.

Eni already is the operator, with 100% working interest, of the Nikaitchuq oil field, located approximately 8 mi (13 km) North-East of Oooguruk. Nikaitchuq has been in production since 2011 and currently produces about 18,000 bopd.

The acquisition of the 70% of Oooguruk will allow Eni to immediately increase its Alaska production by approximately 7,000 bopd gross, and to implement important operational synergies and optimizations between Oooguruk and Nikaitchuq, both operated at 100%. Eni plans to drill further production wells at Oooguruk and Nikaitchuq, with the target to increase its total Alaska production beyond 30,000 boed. This operation will also further strengthen Eni’s presence in the region, after the recent acquisition in Aug. 2018 of 124 exploration leases (for a total of approximately 350,000 acres) located in the Eastern North Slope of Alaska.

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