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San Donato Milanese (Milan), 5 November 2013 – Eni signed an agreement with Quicksilver Resources to jointly evaluate, explore and develop unconventional oil reservoirs (shale oil) onshore US. Eni will earn a 50% share in 52,500 gross acres held by Quicksilver in the Leon Valley area, located in Pecos County (West Texas) approximately 800 km northwest of Houston, Texas.
The terms of the agreement calls for an initial three phase program that includes the drilling of up to five exploration wells and the acquisition of a 3D seismic survey, aimed at determining the hydrocarbon potential of the area and the subsequent development plan.
In order to earn a 50% interest in Quicksilver acreage, Eni will pay up to $52 million representing 100% of the drilling, completion and seismic costs. Following this initial investment, any future expenditure will be shared equally between Eni and Quicksilver. A joint evaluation team will be formed with members of each company to conduct exploration and development activities, with Quicksilver as operator.
The agreement also establishes that Eni will earn, at no additional cost, 50% of Quicksilver’s interest in 7,500 gross acres also located in the Leon Valley area. The Leon Valley acreage is located in the prolific Delaware Basin, where current production amounts to nearly 500,000 barrels of oil equivalent per day, both from conventional and unconventional reservoirs. It is estimated that within five years the Delaware Basin production will double, due to the rapid growth of oil production from unconventional reservoirs.
This new project gives Eni the opportunity of entering into one of the prolific unconventional shale oil plays in the US through organic growth and with a phased investment program.
In the US Eni holds a working interest in a total of 777 leases, of which 233 are in the Gulf of Mexico, mostly in deepwater, 107 in the North Slope of Alaska and 437 are onshore in Texas, where the company produces unconventional gas from the Barnett shale in partnership with Quicksilver. Eni's current net daily production in the US exceeds 90,000 boe, 70% of which is operated by Eni.
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
If questions are formulated that violate the set security criteria, the system will not proceed with processing the response. Please remember not to send personal data.
By using this service, the users acknowledge that they have read and accepted the terms and conditions of use.
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