Eni said July 24 that an exploration well in Block 114 in the Song Hong Basin offshore Vietnam has proven the presence of gas and condensate in the Ken Bau prospect.
Drilled to a depth of 3,606 m, exploration well Ken Bau 1X encountered several intervals of gas and condensate sandstone interbedded with Miocene age shale, with an estimated net reservoir thickness in excess of 100 m, Eni said in a news release.
Technical issues prompted the company to plug and abandon the well earlier than planned, but Eni said it believes “significant additional resources” could be found at deeper levels. The company said it plans to drill early next year to fully assess the upside.
Holding a 50% share, Eni Vietnam is the operator of the block. Partner ESSAR E&P holds the remaining 50%. Eni also operates neighboring Block 116.
Anadarko Petroleum was the only corporate deal Occidental Petroleum considered since the company’s current leadership has been in place, says CFO Cedric Burgher.
"None" of Icahn's nominees "possess skills, experience or expertise that are additive or superior to our existing directors," wrote Occidental CEO Vicki Hollub and Chairman Eugene Batchelder.
The shale boom took energy security off the U.S. political agenda, but that may not last.