Eni delays Dazzler drilling to 2017

Norway

OSLO, November 4, 2015 – Italian integrated energy company Eni has pushed back plans to drill an exploration well at the Dazzler prospect offshore Norway until 2017, its licence partner, UK independent upstream company Faroe Petroleum, announced Tuesday.

A wildcat at the field, which lies at a depth of 450 metres around 90 kilometres northwest of national oil company Statoil’s Johan Castberg field in the Barents Sea, had previously been expected for 2016. Dazzler is located in PL 716, which consists of blocks 7318/11 and 7318/12.

Faroe holds a 20-percent interest in the block, alongside German integrated gas company Bayerngas (20 percent) and Norway’s state-owned Petoro. Operator Eni holds the remaining 40-percent share.

On Tuesday, Eni also announced that it had agreed to a price of €8.3956 per share on the sale of 55.2 million shares in Italian construction giant Saipem to sovereign wealth fund Fondo Strategico Italiano. The deal puts the total value of the shares, which represent a 12.5-percent stake, at around €463 million. As a result of the sale, Eni will lose exclusive control over Saipem.

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