LLOG Exploration and Eni Sign an Agreement for Taggart Development

Source: www.gulfoilandgas.com 2/10/2021, Location: North America

LLOG Exploration Offshore and Eni have announced the signing of an Infrastructure Agreement in the deepwater Gulf of Mexico. The agreement provides LLOG access to Eni and Marubeni Oil & Gas existing subsea infrastructure connected to the Williams-owned Devils Tower Spar in Mississippi Canyon 773 to optimize its development of the Taggart discovery. The agreement provides LLOG a more streamlined, efficient, and cost-effective solution for development while also providing the Owners an opportunity to maximize the value of their existing infrastructure.

In June of 2020, LLOG announced the sanctioning of its Taggart discovery and the signing of a production handling agreement for development via tieback to the Spar. LLOG and its affiliates own 100% of the Taggart development. Initial development plans at Taggart include the completion and tie back of two wells with first production expected in the first half of 2022.

The Taggart discovery is located on Mississippi Canyon Block 816 in approximately 5,650 feet of water. The Mississippi Canyon 816 #1 discovery well was drilled in 2013 to a depth of 11,562 feet and encountered a total of 97 feet of net pay in two Miocene objectives. Two subsequent appraisal wells were drilled in 2015 and 2019 and encountered 147 feet and 84 feet of net pay, respectively.

Philip LeJeune, President and CEO of LLOG, commented:

'LLOG continues to advance our project development in the deepwater Gulf of Mexico. To maximize capital efficiency and accelerate development, we are working with all of our partners to identify opportunities to optimize current infrastructure that allow for mutually beneficial development. Eni and Marubeni are leaders in global exploration and development, and we are pleased to be working on this project with them.'

Eni said it is excited to leverage its current infrastructure to create value as a facility operator and owner of the subsea infrastructure to be utilized in the Taggart development. Eniís footprint in the Gulf of Mexico allows it to unlock value in all parts of its inventory through drilling and development. Eni is pleased to work with LLOG on this project that allows for further development in the basin.


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