‘High risk-high reward’ challenge

He said Block 52’s water depths range from 10 metres near the coast to 3,000 metres at the deep end. The average depth is about 500 metres.

Three wells drilled by previous operators on the shelf have yielded “good results” in terms of hydrocarbon shows. “We cannot consider this as a commercial discovery, but there is a petroleum system which is working — an encouraging result even if not proven yet!”

However, little is known in deeper waters of Block 52, however. A solitary well named SQB1 in deep-water has yielded evidence of a hydrocarbon system. “What we don’t know what is contained in the deep-water sector, but we believe there is potential. We are carrying out a full block evaluation with seismic, which is key to understanding what it contains,” Bolondi stated, adding that a tertiary target identified in deep-water is also being studied by the company.

To uncover the potential of Block 52, Eni is leveraging its formidable expertise as well as proprietary drilling and exploration technologies in unlocking the potential of the concession, said Bolondi. In this regard, he also welcomed the “attractive terms” offered by the Omani government that enabled Eni’s foray into the Sultanate’s offshore sector.

“Exploration in deep-water Oman is a high risk-high reward challenge,” he said, noting that international oil companies may find it attractive to take up such risky challenges if they are aligned with the company’s portfolio and strategy.