Emma Ovest

Project Name

• Emma Ovest Oil Project

Location

• Since there is no specific location mentioned, let's assume it could be in a region known for its oil and gas reserves. For example, it could be located in areas like the North Sea, the Gulf of Mexico, or other known oil-producing regions.

Historical Background

• If we draw a parallel from the historical context of shipwrecks and maritime activities, such as the Emma mentioned in the context of the Ningaloo Reef, the project could have historical significance or be named after a historical vessel or figure.

Project Overview

• Exploration & Production: The project would involve the exploration and production of oil reserves. This would include seismic surveys, drilling, and the extraction of oil from the reservoirs.

Contractual Arrangements

• The project might operate under contractual arrangements similar to those described in the Eni annual reports. This could include production sharing agreements (PSAs) where the national oil company and the international contractor share the costs and profits. The contractor would bear the exploration risks, and the profits would be divided into "Cost Oil" and "Profit Oil".

Reserves Classification

• The project would classify its reserves as either proved developed or proved undeveloped. Proved developed reserves are those that can be recovered through existing wells and equipment, while proved undeveloped reserves require new wells or significant additional investment.

Economic Conditions

• The economic viability of the project would be determined by the average oil prices over a 12-month period prior to the reporting date. The project's feasibility would depend on these prices and the associated costs of extraction.

Infrastructure and Equipment

• The project would involve the use of various equipment and infrastructure, such as drilling rigs, extraction facilities, and storage tanks. Maintenance and operational efficiency of this equipment would be crucial for the project's success.

Environmental and Regulatory Considerations

• The project would need to comply with environmental regulations and ensure that all operations are conducted in an environmentally responsible manner. This includes obtaining necessary permits and adhering to local and international environmental standards.

Financial and Operational Review

• The project's financial performance would be reviewed annually, including net sales, operating profits, and other financial metrics. This would help in assessing the project's viability and future prospects.