Italian energy major ENI said the company has entered into an agreement to acquire 70% and operatorship of the Oooguruk oil field in Alaska from Caelus Natural Resources Alaska. ENI already owns the remaining 30% working interest. The agreement is subject to the approval of the authorities and to certain closing conditions.

The Oooguruk oil field, located in the Beaufort Sea approximately 5 kilometres off Alaska’s North Slope coast, has been in production since 2008, and current gross production is of approximately 10,000 barrels of oil per day from 25 producing wells and 15 gas/water injector wells, ENI said.

ENI already is the operator, with 100% working interest, of the Nikaitchuq oil field, located approximately 13 kilometres North-East of Oooguruk. Nikaitchuq has been in production since 2011 and currently produces about 18,000 barrels of oil per day.

According to ENI, the acquisition of the 70% of Oooguruk will allow the Italian company to immediately increase its Alaska production by approximately 7,000 barrels of oil per day gross, and to implement important operational synergies and optimizations between Oooguruk and Nikaitchuq, both operated at 100%.

ENI said it plans to drill further production wells at Oooguruk and Nikaitchuq, with the target to increase its total Alaska production beyond 30,000 barrels of oil per day. The company said this operation will also further strengthen ENI’s presence in the region, after the recent acquisition in August 2018 of 124 exploration leases for a total of approximately 350,000 acres located in the Eastern North Slope of Alaska.