Ibleo Area

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In Ibleo Area, Energean has a 40% W.I., while ENI holds 60% W.I. and is the Operator. The Cassiopea and Argo fields form part of a phased offshore gas development located in the Strait of Sicily, offering growth for Energean with the potential for production (via connection of a sequence of satellite fields) to extend through to the early 2040’s. It is the largest greenfield gas development in Italy and, once onstream, will be one of the country’s main producing gas fields. Net peak production is expected to be 10.3 kboe/d.

These fields will be developed via four subsea wells (consisting of two new wells and two recompletions), with an optimised subsea production system and sealine using existing facilities for shore approach, well control and chemical injection from an existing Eni platform, and onshore gas treatment, in synergy with Gela Refinery operations. Tie-in points have been included in the production system to 83 allow a series of low risk exploration prospects (Gemini, Centauro, Vela, etc.) and other existing discoveries (Panda, Panda West) to be tied in and hence maintain production.

31.00 mmboe W.I. 2P reserves
10.30 net kboe/d expected peak production

Exploration

The Gemini and Centauro prospects, which hold estimated Pmean recoverable resources of 9.7 mmboe (net), will be drilled in the same campaign as the Cassiopea and Argo fields. These reservoirs have strong geological and geophysical similarities with the Cassiopea discovery and are estimated to have geological chances of success of 72% (Gemini) and 81% (Centauro).

In the Ibleo exploration block that surrounds the Cassiopea and Argo production lease are a number of other well-defined exploration prospects. The largest of these is Vela that has a 73% geological chance of success and is 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.

The initial development plan for Argo and Cassiopea does not address all of their identified GIIP. A second development phase – most likely implemented after development of Gemini, Centauro and Vela - could lead to the production of a further 141 bcf of Reserves (100% basis). Also within the Ibleo exploration block is the Lince oil exploration prospect. This Jurassic structure is analogous to the Vega field and has calculated STOIIP of 1.2 bln bbl (100% basis) – P10 operator evaluation.

Fields information

Italy has a complex geological history, with multiple episodes of tectonic activity. The fields included in this report produce from reservoirs that range in age from early Mesozoic to Cenozoic. The Sicilian fields are located onshore and offshore Sicily and produce oil and gas from Triassic and Jurassic-age carbonates and gas from Pleistocene-age clastic sediments.