Cassiopea
The Cassiopea project (Eni 60% Operator, Energean 40%) is the biggest Italian gas field – in terms of reserves – currently under development in Italy. It is located in the Sicilian channel in water depths of up to 660 metres. Once onstream, expected by H1 2024, it will be one of the country’s main producing gas fields. Net peak production is expected to be c.
Cassiopea will be developed via four subsea wells tied back to shore to Eni’s onshore gas treatment facility in Gela. Tie-in points have been included in the production system to allow a series of low risk exploration prospects (Gemini, Centauro, Vela, etc.) and other existing discoveries (Panda, Panda West) to be tied in and maintain production in the future.
This asset offers significant growth for Energean with the potential for production (via connection of a sequence of satellite fields) to extend through to the early 2040’s
Exploration
In the exploration block that surrounds the Cassiopea and Argo production lease there are a number of other well-defined exploration prospects. A significant potential is represented by Gemini and Centauro prospects. On top of these, the largest is Vela estimated to contain an additional 148 bcf of recoverable gas (100% basis). Vela could also be tied back to Cassiopea infrastructure, further extending the plateau.
A second development phase, currently not yet sanctioned, could address the above mentioned Gemini, Centauro and Vela.
A further exploration potential is the Lince oil prospect. This Jurassic structure is analogous to the Vega field and has calculated STOIIP of 1.2 bln bbl (100% basis) – P10 operator evaluation.