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  • Eni aims to drill 140 new wells in Africa between now and 2016 as part of an ambitious $28 billion program. According to Eni’s Executive VP Luca Bertelli, the company aims to spend an average of $7 billion a year to develop a variety of deep-water projects in Nigeria, Ghana and Mozambique."We are aiming for 3 Bbbl in...

    Eni aims to drill 140 new wells in Africa between now and 2016 as part of an ambitious $28 billion program. According to Eni’s Executive VP Luca Bertelli, the company aims to spend an average of $7 billion a year to develop a variety of deep-water projects in Nigeria, Ghana and Mozambique.

    "We are aiming for 3 Bbbl in four years. If we achieve this result, we will have access to new resources at an exploration cost of $1.20/bbl," said Bertelli.

    In Sep-2012, Eni discovered a huge gas field in Mozambique, estimated to hold 80 Tcf. However, in recent times, Eni has said that it expects a decline in production in 2013 as compared to 2012 due to lower production volumes from Libya and Nigeria.

    Source: Reuters