ITALIAN energy company Eni SpA said yesterday it has received approval from East Timor and Australia to develop the Kitan oil field off the coast of East Timor.
Eni previously announced the discovery of oil in the Kitan-1 well, where tests indicated a flow rate of 6,100 barrels of oil a day. It said yesterday it has also confirmed a potential commercial flow in a second well, Kitan-2.
Eni will submit its development plan to the Timor Sea Designated Authority within 12 months.
Eni is the operator in the development area administered by East Timor and Australia.
Eni shares were trading up 1.39 percent at 25.56 euros (US$39.87) on the Milan Stock Exchange yesterday.