Subject: Italy's Eni receives OK to develop oil field in area administered by
East Timor and Australia
Italy's Eni receives OK to develop oil field in area administered by East Timor and Australia
MILAN, Italy (AP) - Italian Energy Company Eni SpA said Monday that it has received approval from East Timor and Australian authorities to develop the Kitan oil field off the coast of East Timor.
Eni, Italy's biggest oil and natural gas Company, previously announced the discovery of oil in the Kitan-1 well, which tests indicated a flow rate of 6,100 barrels of oil a day. It said Monday it has also confirmed a potential commercial flow in a second well, Kitan-2.
Eni said it will submit its development plan to the Timor Sea Designated Authority within 12 months.
Eni is the operator in the development area jointly administered by East Timor and Australia. The site is in the Timor Sea 170 kilometers (105 miles) off the East Timor coast and 500 kilometers (310 miles) off the Australian coast.
Eni has been operating in Australia since 2000 and in East Timor since 2006.
Eni shares were trading up 1.39 percent at Â¤25.56 (US$39.87) on the Milan Stock Exchange.