Eni S.p.A. Oil & Gas Exploration and Production Operations and Cost Analysis ' Q3, 2009

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Eni S.p.A. Oil & Gas Exploration and Production Operations and
Cost Analysis ' Q3, 2009
Published on November 2009

Report Summary

Eni S.p.A. Oil & Gas Exploration and Production Operations and Cost Analysis ' Q3, 2009

Summary

Eni S.p.A. (Eni) is an integrated energy company. It is engaged in the exploration, production of crude oil and natural gas; oil refining;
marketing of refined products; electricity generation and natural gas distribution. The company has operational presence in
petrochemicals, oilfield services and engineering industries. The company along with its subsidiaries carries business operations
across 70 countries worldwide. It is headquartered in Rome, Italy. In early 2009, Eni's Board of Directors approved the divestment of
100% of Italgas SpA and Stoccaggi Gas Italia SpA (Stogit) to Snam Rete Gas (50.03% owned by Eni) for total cash consideration of
'4,720 million

GlobalData's "Eni S.p.A. Oil & Gas Exploration and Production Operations and Cost Analysis ' Q3, 2009" is an essential source for
key operational data, analysis and strategic insight into the company. The report provides detailed and unique information on the key
operational parameters for the last six years. The report provides a comprehensive overview of production, reserves, reserve
changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations. The report is based on publicly
available data filed with the US Securities and Exchange Commission (SEC) and other similar agencies worldwide. GlobalData is a
premium business intelligence company.

Scope

- Key operational parameters which include production, reserves, reserve changes, capital expenditures, acreage, performance
metrics, and results of oil & gas operations.
- Analysis of the performance of the company on key valuation multiples such as market capitalization, enterprise value,
EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), EV / EBITDA, and EV / EBITDA.
- Annual and quarterly information on key operational, valuation and financial parameters. Annual information is for the current and
the last five years while the quarterly information is for the current and the last four quarters.
- Detailed crude oil and natural gas reserves and production of the company by country
- In-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net
developed and undeveloped acreage position, key costs and revenue information, and performance metrics of the company.

Reasons to buy

- Formulate business strategies through competitor comparison and business performance assessment.
- Rank your performance against oil and gas companies using operational and financial benchmarking metrics.
- Understand and capitalize on the strengths and weaknesses of your competitors
- Scout for potential acquisition targets, with detailed insight into the companies' operational performance.

Eni S.p.A. Oil & Gas Exploration and Production Operations and Cost Analysis ' Q3, 2009 Page 1/14


Table of Content

Table Of Contents
Key Information 1
Key Ratios 1
Table Of Contents 2
List of Tables 10
List of Figures 10
Eni S.p.A., Valuation and Financial Data 12
Eni S.p.A., Share Price Performance 12
Share Price Performance, Q3, 2008-Q3, 2009 12
Eni S.p.A., Key Valuation Metrics 13
Key Valuation Metrics, Q3, 2008-Q3, 2009 13
Eni S.p.A., Key Financials Per Share 14
Key Financials Per Share, Q3, 2008-Q3, 2009 14
Eni S.p.A., Key Financial Data 15
Key Financial Data, Q3, 2008-Q3, 2009 15
Key Financial Growth Rates, Q3, 2008-Q3, 2009 16
Key Profitability Ratios, Q3, 2008-Q3, 2009 17
Eni S.p.A., Quarterly Results of Oil & Gas Operations Per BOE Produced 18
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 18
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 18
Eni S.p.A., Quarterly E&P Costs Trends 19
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 19
Eni S.p.A., Quarterly Production Trends 20
Eni S.p.A.Total Oil and Gas Production 20
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 20
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 21
Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 22
Eni S.p.A.Crude Oil Production 23
Total Crude Oil Production Trend, Q3, 2008-Q3, 2009 23
Crude Oil Production, By Country/Region, Q3, 2008-Q3, 2009 24
Eni S.p.A.Natural Gas Production 25
Total Natural Gas Production Trend, Q3, 2008-Q3, 2009 25
Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 26
Eni S.p.A., Production and Reserves Trends 27
Total Oil and Gas, Reserves and Production 27
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 27
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 28
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 30
Crude Oil/Liquids Production and Reserve 31
Crude Oil/Liquids Production and Reserve Trend, 2003-08 31
Crude Oil Production and Reserves By Country/Region, 2003-08 32
Crude Oil/Liquids Reserve Changes, 2003-08 34
Natural Gas Production and Reserve 35
Natural Gas Production and Reserve Trend, 2003-08 35
Natural Gas Production and Reserves, By Country/Region, 2003-08 36
Natural Gas Reserve Changes, 2003-08 38



Total Crude Oil and Natural Gas Reserves Life Index 39
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 39
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 40
Eni S.p.A., E&P Costs Trends 42
Allocation of the Upstream Capital Expenditure 42
Upstream Capital Expenditure, 2003-08 42
Acquisition Costs By Country/Region, 2003-08 43
Exploration and Development Costs, By Country/Region, 2003-08 45
Oil and Gas Cost Per Boe, $/boe 47
Oil and Gas Cost Per Boe, $/boe, 2003-08 47
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 48
Eni S.p.A., Reserve Replacement Ratio 51
Oil and Gas Production Replacement Ratio 51
Oil and Gas Production Replacement Ratio, 2003-08 51
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 53
Eni S.p.A., Results of Oil & Gas Operations Trend 57
Oil and Gas Revenue and Expenses 57
Oil and Gas Revenue and Expenses, 2003-08 57
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 58
Oil and Gas Revenue and Expenses, Per Boe 63
Oil and Gas Revenue and Expenses, By Boe, 2003-08 63
Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2003-08 64
Oil and Gas Performance Metrics 69
Eni S.p.A., Land Holdings and Well Data 70
Developed and Undeveloped Acreage 70
Gross and Net Developed and Undeveloped Acreage, 2003-08 70
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 71
Exploration and Development Wells Drilled, 2003-08 73
Exploration and Development Wells Drilled, By Country/Region, 2003-08 74
Recent Developments 75
License Rounds 75
Jul 06, 2009: One Company Asked To Modify Nassiriyah Oil Field Bid: Iraq's Deputy Oil Minister Says 75
May 14, 2009: Iraq To Invite Companies To Develop Nassiriyah Oilfield 75
Feb 18, 2009: Iraq To Grant Oil Service Contract In March 2009 75
Nov 07, 2008: 46 Companies Apply For New Licenses In Norwegian Continental Shelf 76
License Awards 77
Oct 13, 2009: Eni Wins License To Develop Zubair Field In Iraq 77
Sep 30, 2009: Eni Wins Exploration Block Onshore Pakistan 77
Aug 16, 2009: Egypt Signs $2.3 Billion Oil, Gas Exploration Agreements 77
Aug 11, 2009: Iraq Qualifies 45 Companies For Its Second Oil Bidding Round 77
Jul 01, 2009: OVL Consortium Submits Bid For Zubair Oil Field In Iraq 77
May 27, 2009: OMV Wins Two New Exploration Licenses In Norway 78
May 10, 2009: Eni, StatoilHydro Receive Approval To Develop $4.3 Billion Goliat Field In Norway 78
May 05, 2009: Eni Wins Three Licenses In 20th Norwegian License Round 79
Apr 16, 2009: Iraq Asks Nippon Oil, Eni And Repsol To Re-Submit Bids For Nassiriya Oilfield 79
Jan 17, 2009: Four Energy Companies Sign Exploration Deals Worth $272 Million With Algeria 79
Dec 26, 2008: Eni Wins Six New Exploration Licenses In Gabon 79
Dec 18, 2008: NPD Announces Offers Participating Interests In APA 2008 80
Dec 13, 2008: Eni Wins Exploration Block In Algeria 80
Dec 09, 2008: Eni Wins Two Licenses In UK North Sea 81



Nov 07, 2008: Eni Submits IA Plan For Goliat Field's Operational Phase Development 81
Oct 29, 2008: Eni-Led Consortium To Sign Kashagan Oil Deal With Kazakhstan 81
Aug 28, 2008: Eni Receives Five New Exploration Licenses In US 81
Jun 12, 2008: Eni And NOC Sign New Petroleum Contracts 82
Jun 09, 2008: Eni Receives Approval From TSDA To Develop Kitan Oil Field 82
Jun 02, 2008: ENI To Explore Andaman And Nicobar Deepwater Block 82
May 27, 2008: Eni Wins New Exploration Block In Indonesia 83
May 23, 2008: Indonesia Awards Exploration Rights For Five Oil And Gas Blocks 83
May 02, 2008: Chevron Gets Approval From Indonesian Government To Develop Galan Block 83
Apr 29, 2008: Eni To Bid For Oil Contracts In Iraq 83
Apr 21, 2008: Eni Bids For Oil Development Contracts In Iraq 84
Mar 21, 2008: Eni Wins 32 New Exploration Licenses In US Gulf Of Mexico 84
Feb 11, 2008: StatoilHydro Wins Production Licenses In Norway 84
Feb 08, 2008: Norway Declares Licensing Awards For APA 2007 85
Feb 07, 2008: StatoilHydro Snags Bids In Chukchi Sea Lease Sale 85
Oct 03, 2007: Sonatrach, Eni Renew Algeria Production Licence 85
Apr 14, 2007: LUKOIL Extends PSA With Egypt To Further Explore Meleiha Block 86
Aug 26, 2004: Petrosin Signs Agreement With Pakistan Government For Gorakh Block 86
Strategy and Business Expansion 86
Nov 05, 2009: Eni Signs Cooperation Agreement With KazMunaiGaz 86
Nov 02, 2009: Eni Seeks Partnership With Turkmenistan 86
Aug 13, 2009: Eni Seeks Partnership With Uganda 87
Aug 12, 2009: Eni Signs Strategic Agreement With Democratic Republic Of Congo 87
Aug 11, 2009: Eni Seeks Partnership With Ghana 87
Jun 30, 2009: Eni-Led Consortium Rejects Terms For Iraq's Zubair Oil Field 87
Jun 24, 2009: Weatherford, ENI Sign Agreement To Develop Subsea Drilling-With-Casing System 87
Jun 22, 2009: Eni Starts Rationalization Process Of Its Italian Portfolio 88
May 12, 2009: Eni And Egypt's Ministry Of Petroleum Announce New Co-Operation Initiatives In Hydrocarbon Sector 88
Apr 28, 2009: PDVSA To Select Partners For Developing Carabobo Area In Venezuela 89
Apr 09, 2009: Eni, Chalk Energy To Start Constructing Oil Pipeline By Q1 2010 89
Mar 18, 2009: Eni Signs Protocol For Cooperation With Pakistan 89
Feb 09, 2009: Eni And Sonangol Sign Agreement To Jointly Evaluate Angolan Onshore Basins 89
Jan 28, 2009: Gazprom Considers Plan To Rise Capacity Of South Stream Pipeline 90
Nov 06, 2008: Gazprom To Revise Its South Stream Pipeline Plan On Financial Crisis 90
Oct 21, 2008: Eni, Enel Signs Strategic Cooperation Agreement On CO2 Capture 90
Oct 20, 2008: Eni Considers LNG Plant In Ambalat Region's Bukat Block, Indonesia 91
Oct 13, 2008: StatoilHydro And Eni Signs Agreement For Subsea Equipment On Marulk Field, Norway 92
Oct 08, 2008: Eni And Papua New Guinea Sign Long Term Partnership Agreement 92
Aug 26, 2008: Halliburton And Total To Develop Ultra-High-Temperature Measurement-While-Drilling System 92
Aug 10, 2008: Eni And Iraqi Officials Discuss Cooperation In Oil, Gas Sector 92
Jul 03, 2008: Eni Begins Functional Separation For Its Gas Subsidiaries 93
Jul 02, 2008: Eni And Petrobras Renew Agreements For Integrated, Strategic Upstream And Downstream Initiatives 93
May 19, 2008: Eni And The Republic Of Congo Launch A New Integrated Model Of Cooperation 93
Apr 28, 2008: Gazprom And Eni Discuss Interaction In Libya 94
Apr 25, 2008: StatoilHydro Gets Aprroval For Morvin Field 94
Apr 10, 2008: Gazprom In Discussions With Eni On Joint Libyan Gas Projects 95
Mar 01, 2008: Eni, PDVSA Sign $10 Billion Exploration Deal 95
Feb 13, 2008: Chevron Enters Deal With Sonangol To Develop Angola LNG Project 95
Jan 18, 2008: StatoilHydro Submits Yttergryta PDO 95
Jan 18, 2008: Eni, Gazprom Incorporate South Stream 96



Jan 02, 2008: IndianOil To Finalize Turkey Refinery Consortium 96
Dec 18, 2007: PDVSA, Eni Sign Agreement To Form Petrolera Guiria JV 96
Dec 18, 2007: PDVSA, Ine Paria, Eni To Explore Central Paria Gulf 96
Dec 04, 2007: Galp To Join Gas Consortium For Gas Exploration In Angola 96
Nov 22, 2007: Eni, Gazprom Sign Agreement For South Stream Project 96
Jun 23, 2007: Eni And Gazprom Sign The Agreement For South Stream Project 97
Apr 14, 2007: Eni Signs Exploration Agreement In Congo 97
Mar 27, 2007: Eni And Petrobras Sign Agreement For Joint Projects 97
Nov 14, 2006: Eni And Gazprom Sign Strategic Agreement 97
Oct 24, 2006: Talisman Plans To Develop Duart Field And Galley Field In North Sea 98
Recent Discoveries 98
Oct 29, 2009: Eni, Sonangol Discover Oil At Cabaça Norte-1 Well In Block 15/06, Angola 98
Oct 16, 2009: Repsol Confirms Venezuela's Perla 1X Well As Gas Find 98
Sep 13, 2009: Repsol Discovers Gas At Perla 1 Well In Gulf Of Venezuela 98
Aug 07, 2009: Chevron Announces New Discovery In Block 0, Offshore Angola 99
Jul 27, 2009: Eni Encounters Gas Shows At 3ENI8RJS Well In BM-S-4 Block, Brazil 99
Apr 17, 2009: Eni Finds Oil Reserve In Ambalat Area Near Indonesia's Border With Malaysia 99
Apr 06, 2009: Eni Announces Discovery At Muara Bakau Block In Kutei Basin Offshore Indonesia 100
Feb 02, 2009: Mariner Announces Three Discoveries In Gulf Of Mexico 100
Jan 29, 2009: Maersk Oil Announces Gas Discovery At Block 22/25a In UK North Sea 100
Oct 14, 2008: Eni And Sonangol Encounter Oil At Ngoma-1 Well In Block 15/06 Offshore Angola 101
Sep 24, 2008: Eni Encounters Gas At Argo 2 Well In Sicilian Strait, Italy 101
Sep 09, 2008: Total Announces Success At West Franklin Field In Central Graben, UK 101
Jul 22, 2008: Eni Discovers Gas In Offshore Sicily 102
Jul 04, 2008: Petrobras Announces Oil And Gas Discovery In Gulf Of Mexico 102
Jun 23, 2008: Eni Makes New Gas Discovery In Pakistan 102
May 26, 2008: Petrobras Announces Discovery Of Hydrocarbons In Gulf Of Mexico Waters 103
May 22, 2008: Sumitomo Updates On North Sea Exploration Well 103
May 21, 2008: Eni Makes New Oil Discovery In UK North Sea 103
May 05, 2008: Eni Announces Oil Discovery Offshore Angola 103
Apr 24, 2008: Eni Announces New Hydrocarbon Discovery In Norwegian North Sea 104
Apr 03, 2008: BP America Announces Gulf Of Mexico Discovery 104
Mar 10, 2008: Eni Makes New Oil Discovery In Timor Sea 104
Feb 20, 2008: Eni Makes Finds Gas At Afrodite Well, Norway 104
Feb 20, 2008: StatoilHydro Discovers Oil At Grane Field 105
Feb 06, 2008: Eni Makes New Significant Discovery In The North Seaoffshore UK 105
Feb 04, 2008: Eni Completes The Gamma Exploration Well In The Norwegian Sea 105
Jan 31, 2008: StatoilHydro Announces New Gas Discovery At Halten Bank 105
Jan 25, 2008: Eni Starts Development Of Nikaitchuq Oil Field In Alaska 106
Oct 18, 2007: Pioneer Natural Announces Three New Discoveries In Tunisia 106
Sep 20, 2007: LUKOIL Announces Oil Discovery At Meleiha Block In Egypt 107
Sep 04, 2007: Eni Updates On Gas Condensate Discovery In The UK North Sea 107
Aug 10, 2007: Eni Makes New Oil Discovery Offshore Angola 107
Aug 09, 2007: Total Discovers Oil In Angola 107
Jun 14, 2007: Eni Discovers Gas In Pakistan 108
Jun 04, 2007: OMV Updates On Tajjal 1 Exploration Well, Pakistan 108
Mar 01, 2007: Eni Announces New Oil Discovery In The Norwegian Barents Sea 109
Feb 28, 2007: Hydro Discovers Oil And Gas At Barents Sea 109
Jan 26, 2007: Eni Discovers Oil Well In Angola 109
Oct 23, 2006: Eni Discovers Gas In Gulf Of Mexico 109



Sep 08, 2006: Eni Discovers Gas In North Sea 110
Drilling and Production Updates 110
Nov 18, 2009: Eni And INA Start Gas Production At Annamaria A Platform In Croatia 110
Nov 08, 2009: Eni India To Submit Ten-Month Extension Request For AN-DWN-2003/2 Block At Andaman And Nicobar In India 110
Nov 02, 2009: Eni Starts Production At Longhorn Gas Field In Gulf Of Mexico 110
Oct 27, 2009: Chevron To Commence Production From Angola's Tombua-Landana Plant In Q3 2009 111
Oct 12, 2009: Eni To Start Drilling Programme In AN-DWN-2003/2 Block, India 111
Sep 14, 2009: Eni Starts Production From Blacktip Gas Field In Bonaparte Gulf, Australia 111
Sep 10, 2009: Amerisur Resources To Drill Iguasa-1 Well In Fenix Block, Colombia 111
Sep 09, 2009: Chevron Starts Oil Production From Tombua-Landana Project 112
Aug 25, 2009: Eni Starts Gas Production At North Bardawil Field In Bardawil Concession, Egypt 112
Aug 17, 2009: Eni, Vale Find Gas At Block BM-S-4 In Santos Basin, Offshore Brazil 112
Aug 12, 2009: Providence Resources To Enter Second Phase Of Dunquin License In Ireland 113
Aug 12, 2009: StatoilHydro Wins Drilling Permit For Wellbore 6506/12-12 A In PL 094, Norway 113
Aug 04, 2009: Eni Drills Dry Well In Bukat Block Off Kalimantan, Indonesia 113
Jul 28, 2009: Chevron To Start Production From Tômbua-Lândana Oil Field In Angola 113
Jul 16, 2009: Eni To Start Production From Longhorn Gas Field In Mississippi 113
Jul 08, 2009: Murphy Oil Announces First Production At Thunder Hawk Field In Gulf Of Mexico 113
Jul 08, 2009: Nigeria Sabotage Cost 24,000 Bpd, Says Eni 114
Jul 02, 2009: Chevron Begins Production From Mafumeira Norte Field In Angola 114
May 21, 2009: Eni India Updates On First Exploration Well In Block RJ-ONN-2003/1, India 114
May 13, 2009: Eni India Starts Drilling Programme In Its Rajasthan Block RJ-ONN-2003/1 114
Apr 24, 2009: OMV Announces First Gas Production From Tajjal Field In Pakistan 115
Apr 14, 2009: Tap Oil Updates On Woollybutt Field At Permit WA-25-L In Australia 115
Mar 12, 2009: Anadarko Petroleum Plans To Drill Exploration Wells In Indonesia And China 115
Mar 10, 2009: Shell Says Kazakhstan's Kashagan Field Production Still Scheduled For 2012 116
Mar 09, 2009: OMV Announces First Gas From Latif Field In Pakistan 116
Feb 11, 2009: ONGC's Oil Exploration Plans In Rajasthan Hits A Roadblock 116
Jan 06, 2009: StatoilHydro Begins Gas Production On Yttergryta Subsea Field 117
Jan 05, 2009: Nigeria Reduces Production By 12,000 Bpd Overall, Says Eni 117
Dec 27, 2008: Ecuador To Suspend Oil Production And Decrease Quotas 117
Dec 17, 2008: Eni Starts Production From Pegasus Field In Green Canyon Area, Block 385, Offshore GoM 118
Nov 12, 2008: Total Wins NPD's Consent To Drill Wellbore 6506/9-1 In PL 211 B, Norway 118
Nov 03, 2008: StatoilHydro Wins Permit From NPD To Explore Wellbore 7125/4-2 Well In PL 393 118
Sep 22, 2008: Eni To Commence Production At Kashagan Field, Kazakhstan In 2012 118
Aug 26, 2008: Mariner Increases Production At Bass Lite With Completion Of Primary Production System 119
Aug 13, 2008: ExxonMobil Starts Production At Kizomba C Project In Angola 119
Jul 28, 2008: Eni Updates On Charon-1 Well In Block WA-328-P 119
Jul 24, 2008: Tap Recommences Production From Woollybutt Field 119
Jul 17, 2008: Eni's Kitan Discovery To Hold Between 30 To 40 Million Barrels Of Recoverable Oil 120
Jul 01, 2008: BGEC Signs Agreement With UFG To Jointly Explore 1.3 Million Hectares In Sulu Sea 120
Jun 16, 2008: Tap Re-Commences Production From Woollybutt Field 120
Jun 09, 2008: Pioneer Natural Starts Oil Production From Oooguruk Unit 121
May 30, 2008: Total Expects Kashagan Oil Production Starting In Next Few Years 121
May 28, 2008: Eni Drills Charon-1 Well In Western Australia 121
May 12, 2008: Eni May Postpone Kashagan Oil Production Until 2013 122
May 12, 2008: Tap Oil Updates On Woollybutt Field In Australia 122
May 06, 2008: StatoilHydro Updates On Sangos-1 Well 123
Apr 30, 2008: ROC Provides Drilling Update 123
Apr 28, 2008: Eni Commences Development Of Longhorn Gas Field In Gulf Of Mexico 123



Apr 16, 2008: ROC Provides Operational Update 124
Apr 16, 2008: StatoilHydro Updates On Its Operations At Tyrihans Field 124
Apr 15, 2008: Eni Starts Production From Badhra Gas Field 125
Mar 19, 2008: ROC Provides Drilling Update 126
Feb 26, 2008: Oilexco Updates On 15/23d-13 Well 126
Feb 15, 2008: Eni Sees Production Up 4.5% For 2008-2011 127
Jan 13, 2008: Eni, Arvandan Provides Production Update At Darkhovin Field 127
Jan 09, 2008: ExxonMobil Starts Production At Kizomba C In Angola 127
Nov 21, 2007: Eni Starts Production From Three New Gas Fields, Gulf Of Mexico 128
Nov 09, 2007: Tap Updates On Woollybutt-6H Appraisal Well 128
Oct 30, 2007: Eni Starts Production From Marimba North Field 128
Oct 24, 2007: Eni Provides Operational Update 129
Oct 16, 2007: Gulf Shores Participates In Exploration Program In North Sea 129
Oct 16, 2007: IFR Provides Drlling Update 129
Sep 13, 2007: Nippon Oil Starts Production At Blane Field 130
Sep 12, 2007: Talisman Starts Production At Blane Field 130
Sep 12, 2007: Eni Starts Production At The Blane Oil Field 130
Aug 08, 2007: Eni Completes Drilling Activities At Cassiopee Est Marine -1 Well 130
Nov 08, 2006: Eni Starts Exploration Activities In Alaska 131
Financial Announcements 131
Jul 31, 2009: Eni Posts EUR832 Million Net Profit In Q2 2009 131
Apr 24, 2009: Eni Net Profit Down 42.7% In Q1 2009 132
Mar 13, 2009: Eni Reports 2008 Results 133
Mar 13, 2009: Eni Declares Dividend 133
Feb 13, 2009: Eni Declares Q4 2008 Results 133
Oct 31, 2008: Eni Declares 3Q 2008 Results 135
Jul 31, 2008: Eni Declares 2Q 2008 Results 136
Apr 24, 2008: Eni Declares Q1 2008 Results 137
Feb 15, 2008: Eni Reports Q4 2007 Results 138
Oct 31, 2007: Eni Reports Q3 2007 Results 140
Jul 26, 2007: Eni Reports Q2 2007 Results 141
Jul 26, 2007: Eni Declares Interim Dividend 2007 142
May 11, 2007: Eni Reports Q1 2007 Results 142
Nov 10, 2006: Eni Reports Q3 And Nine Months 2006 Results 142
Jul 28, 2006: Eni Reports Q2 And First Half 2006 Results 143
Other Significant Developments 143
Oct 29, 2009: Iraq To Sign Final Agreements With BP And CNPC For Rumaila Oilfield 143
Oct 28, 2009: BG Group Looks For Peaceful Solution On Kazakhstan Export Duty Dispute 144
Oct 23, 2009: Eni To Take Final Investment Decision On South Stream Gas Pipeline In 2010 144
Oct 19, 2009: Italy, Russia And Turkey Sign Joint Agreement On Samsun-Ceyhan Oil Pipeline 144
Oct 13, 2009: Iraq In Final Stages Of Striking Deals For Oilfields 145
Oct 07, 2009: Kashagan Oilfield's First Phase Development To Cost $38 Billion: KazMunaiGas Says 145
Oct 06, 2009: Kazakhstan, BG Group To Reach Agreement On Export Duties 145
Sep 22, 2009: BG Group, Eni Venture Seeks To Recover More Than $1 Billion For Karachaganak Duties 145
Sep 18, 2009: Angola's LNG Plant To Start Shipping Gas In January 2012 146
Aug 18, 2009: Austria, Hungary, Bulgaria And Romania To Finalize Discussions On ITGI Pipeline 146
Jul 20, 2009: Angola LNG To Start Exporting Gas From Its LNG Plant In Q1 2012 146
Jul 17, 2009: Eni To Partly Close Its Milazzo Oil Refinery For Overhaul 147



Jul 06, 2009: Tap Oil Provides Woollybutt Dry Docking Update 147
Jul 03, 2009: KazMunaiGaz To Reduce Cost Of Kashagan Oil Field Development In Kazakhstan 147
Jun 29, 2009: Gazprom To Export 180 Bcm South Stream Gas To Europe In 2015 147
Jun 12, 2009: Indonesia Asks Eni To Develop Bukat Block In Borneo 148
Jun 11, 2009: Helix Energy Solutions Completes Thunder Hawk PLET Installation In Deepwater Gulf Of Mexico 148
Jun 09, 2009: Ensco International's New Drilling Rig Begins Operations Under Contract With Anadarko Petroleum And Eni 148
Jun 04, 2009: Sonatrach Awards $1.4 Billion Pipeline Contracts To Saipem And Petrojet 149
Jun 01, 2009: Indonesia To Extend Chevron's Contract In East Ambalat Oil Block 149
May 25, 2009: Eni Urges International Oil Agency To Stabilize Crude Prices 149
May 21, 2009: Ukraine Needs Over $1.5 Billion Investment For Its Gas Transportation System 149
May 20, 2009: Iran To Sign $1.5 Billion Deal With Eni For Development Of Darkhovin Oil Field 150
May 06, 2009: Mediterranean Oil & Gas Provides Operations Update 150
May 06, 2009: Iraq In Final Stages Of Studying Nassiriya Bids 150
Apr 21, 2009: Gazprom signs agreement for pipeline construction with Balkan states 151
Apr 20, 2009: Indonesia's Bukat Block Expected To Commence Oil Production In 2010 151
Apr 09, 2009: Eni and Calik to jointly construct oil pipeline 151
Apr 09, 2009: Trans-Anadolu Pipeline To Commence Pipeline Construction 151
Apr 07, 2009: South Oil Invites For Tenders To Drill Wells In Nassiriya Oilfield, Iraq 152
Apr 07, 2009: Italy To Extend Blue Steam Gas Pipeline 152
Apr 05, 2009: Chinese, European Companies To Hire RIL's Drilling Rig 152
Apr 03, 2009: Eni To Start Exploring Oil And Gas Offshore Pakistan In Three Months 152
Apr 01, 2009: Eni To Invite Bids For Developing Nassiriya Field In Iraq 152
Apr 01, 2009: Kazakhstan Accuses Parker Drilling And Eni For Tax Evasion 153
Mar 31, 2009: Ensco International's ENSCO 8500 To Begin Operations In June 2009 153
Mar 25, 2009: Gazprom Sees Eni's Support To Construct New Gas Links To Bypass Ukraine 153
Mar 25, 2009: Angola To Exempt Tax For Gas Exploration 154
Mar 19, 2009: European Commission Launches Antitrust Charges Against Eni 154
Mar 19, 2009: Eni Expects Iraq To Award Contract To Explore Nassiriya Oil Field In April 2009 154
Mar 09, 2009: ENI Oil and Gas Delays Nikaitchuq Offshore Project In Alaska 154
Feb 26, 2009: Total Yet To Make Final Investment Decision On Brass LNG Project In Nigeria 155
Feb 10, 2009: Iran Updates On Its Latest Oil And Gas Deals Signed With Foreign Companies 155
Feb 09, 2009: Gazprom's South Stream Gas Pipeline To Cost EUR24 Billion 156
Jan 30, 2009: Tap Oil Provides Q2 2008 Operational Update 156
Jan 26, 2009: Eni Sanctions Two New Projects In Greater Longhorn Area, Gulf Of Mexico 157
Jan 06, 2009: Russian Gas Imports Through TAG Pipeline Down By 90% 158
Nov 21, 2008: Aker Transports SRSWI Pumps To Tyrihans Field In Norwegian Sea, Norway 158
Sep 30, 2008: Eni And Yamalo-Nenets Sign MoU For Development Projects In Social And Economic Sectors 159
Sep 15, 2008: ProSep To Deliver Two TORR Units To Fores 159
Aug 20, 2008: Kazakhstan Sets New Due Date For Kashagan Oilfield Development 159
Aug 13, 2008: Eni And Sonangol Sign MoU For Integrated Model Of Cooperation And Industrial Development In Angola 160
Jul 31, 2008: Eni Appoints New COO 160
Jul 30, 2008: Azerbaijan Comprises 18% Of Central Asia's Oil Reserves 160
Jul 30, 2008: Russia Sees South Stream Pipeline Cost At $20 Billion 160
Jul 28, 2008: Bulgaria's Parliament Approves South Stream Gas Pipeline Deal 161
Jul 23, 2008: Sicily Refuses Eni And Edison Plans To Develop Two Oil And Gas Fields 161
Jul 22, 2008: BGP Completes 2D Seismic Project Awarded By Eni In Pakistan 161
Jul 21, 2008: Eni's Forbidden Gas Concession In Adriatic Waters To Hold 40 Bcm Of Gas 161
Jul 16, 2008: Eni To Appeal Ruling On Pieve Vergonte Site 162
Jul 08, 2008: Eni Signs Gas Sales Contract With TGK-9 162
Jul 02, 2008: Iran Allocates $16 Billion To Develop Oil Wells 162



Jun 30, 2008: Eni Announces Management Changes 163
Jun 11, 2008: Eni Re-Appoints CEO 163
Apr 20, 2008: Eni Signs MoU With Qatar Petroleum 163
Apr 08, 2008: Eni Signs MoU In Egyptian Power Plant Sector 164
Mar 04, 2008: ONGC Expects Approval From NPNGR For KG Basin Plan 164
Feb 28, 2008: IFR Provides Operational Updates 164
Feb 28, 2008: Eni's Crude Output In Nigeria Cuts After Militia Group Attack 165
Feb 25, 2008: Pioneer Updates Oooguruk Field Development 165
Feb 21, 2008: Venezuela Pays $1.8 Billion In Compensation To Total, StatoilHydro And Eni 165
Feb 19, 2008: PDVSA To Pay Eni $700 Million In Compensation 166
Feb 15, 2008: StatoilHydro Submits PDO For Morvin Field 166
Feb 15, 2008: Eni Reaches Settlement Agreement With Venezuela 166
Jan 25, 2008: Bulgaria Sees South Stream Pipeline Operational By 2013 167
Jan 18, 2008: Bulgaria, Russia Sign Deal To Build EUR10 Billion South Stream Pipeline 167
Jan 09, 2008: Atwood Makes New Rig Commitments For Atwood Eagle 167
Oct 03, 2007: Tap Updates On Woollybutt-4H Well 167
Aug 03, 2007: Eni Appoints COO 167
Jun 26, 2007: Eni Signs MoU On Corocoro Field 167
Jun 23, 2007: Gazprom Signs MoU With ENI 168
Jan 29, 2007: Eni Drills New Exploration Wells In Tunisia 168
Dec 01, 2006: Eni Wins New Exploration Block In Brazil 169
Jun 30, 2006: Eni Updates On Blacktip Gas Field 169
New Contracts Announcements 169
Oct 12, 2009: DOF Subsea Norway Wins Pipeline Inspection Contract In Black Sea 169
Sep 14, 2009: DOF Subsea Wins Three New Contracts In Angola 169
Jul 28, 2009: Saipem Wins Two New Offshore Contracts Worth $650 Million In Angola And Italy 169
Jun 25, 2009: Wood Group Wins Maintenance Services Contract From ENI Australia 170
Jun 24, 2009: Saipem Wins New Onshore Drilling Contracts Worth $600 Million 170
Jun 17, 2009: FMC Technologies Receives $60 Million Award For Eni's Kitan Field In Timor Sea 170
May 18, 2009: Saipem wins offshore facilities contract 170
May 18, 2009: Aker Solutions, Saipem Grab Two Contracts For Hook-Up Work On Kashagan Field In Kazakhstan 171
Mar 30, 2009: BJ Services Receives Well Services Contract From Eni India 171
Feb 10, 2009: Jacobs Wins Three Framework Contracts With Eni 171
Feb 09, 2009: GE Oil & Gas Wins Contract To Supply Reactors For Eni Refinery 172
Oct 21, 2008: Aker's JV Receives LoI For Kashagan Full Field Development FEED Contract 172
Sep 25, 2008: Saipem Receives $830 Million Offshore Drilling Contracts 173
Sep 15, 2008: Integra To Conduct 3D Seismic Surveys In YNAO For SeverEnergia 173
Jul 18, 2008: Farstad Announces New Charter Agreements 173
Jul 08, 2008: Transocean Receives Contract For Deepwater Pathfinder 173
Jul 08, 2008: Eni Signs Gas Sales Contracts With TGK-9 In Russia 173
Jul 02, 2008: Transocean Wins Two-Year Contract From Eni 174
Jun 27, 2008: Snamprogetti Wins $676 Million Contract From KOC 174
Jun 17, 2008: Bumi Armada Wins FPSO Contract From NAE 174
Jun 13, 2008: Aker Wins $65 Million Contract In Nigeria 174
May 19, 2008: Aker Receives Contract For Eni's Goliat Field 175
May 19, 2008: Sevan Wins FEED Contract For Goliat FPSO Design From Eni 175
May 19, 2008: Aker Wins Contract For Eni's Goliat Field 175
Apr 15, 2008: KS Energy Receives $30 Million Drilling Contract For KS Medstar-1 175
Feb 14, 2008: Transocean To Explore Wells In Indonesia 175
Dec 25, 2007: Eni Wins $1.5 Billion Drilling Contracts From Total 176



Dec 10, 2007: ABB Wins $86 Million Contract From Eni To Construct Oil Processing Plant In Italy 176
Nov 28, 2007: Atwood Wins Contract From ENI 176
Jul 23, 2007: Saipem Gets Four New Drilling Contracts 176
Jul 20, 2007: Saipem Gets A New Onshore Contract In Nigeria 176
Jul 09, 2007: Saipem Gets Two Offshore Contracts 177
May 31, 2007: Saipem Gets A New Onshore Contract In Algeria 177
Mar 09, 2007: Eni Signs Contract With Nigerian National Company 177
Mar 01, 2007: JDR Wins Contract From ENI For Supply Of Subsea Umbilicals From Thailand 177
Feb 16, 2007: Saipem Gets Three New Offshore And Onshore Contracts 178
Feb 14, 2007: Eni Enters Co-operation Agreement With ONGC 178
Dec 28, 2006: Saipem Wins Two New Offshore Contracts 178
Dec 27, 2006: Saipem Wins Two New Onshore Contracts 179
Dec 01, 2006: Saipem Gets New Offshore Drilling Contracts 179
Nov 07, 2006: Eni Signs First Timor-Leste Exploration Licenses 179
Nov 06, 2006: Eni Signs Production Sharing Contract For Exploration In Angola 180
Oct 11, 2006: Saipem Wins Contract For The Scarabeo 8 Drilling Rig 180
Sep 27, 2006: Saipem Gets A New Offshore Contract In Angola 180
Sep 22, 2006: Saipem Wins New Contracts In Saudi Arabia and Peru 180
Sep 19, 2006: Saipem Gets New Onshore Drilling Contracts 180
Aug 04, 2006: Saipem Gets Two New Offshore Construction Contracts 181
Jul 19, 2006: Saipem Renews Its Contract With Eni 181
Jul 10, 2006: Saipem Gets A New Service Contract 181
Appendix 182
Methodology 182
Coverage 182
Secondary Research 182
Primary Research 183
Key Economic Assumptions 183
Expert Panel Validation 183
Oil and Gas Reserves 183
Acreage and Well Information 184
Cost Incurred in Oil and Gas Operations 184
Reserves Replacement Ratio 186
Results of Oil & Gas Operations 188
Results of Oil & Gas Operations Per BOE Produced 190
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 191
Net Debt / Cash Flow 191
Market Capitalization 191
EV / EBITDA 192
EV/DACF (Debt Adjusted Cash Flow Multiple) 192
EV/Production 192
EV/Proved Reserve 192
Enterprise Value 192
EBITDA / Share (Diluted) 192
Price / Annualized CFPS 192
Price / Annualized EPS (P/E Ratio) 192
Shares Outstanding (Basic) 192
Shares Outstanding (Diluted) 192
Shares Outstanding 192
Stock Price-to-Cash Flow (at year-end) 192



Stock Price-to-Cash Flow (Quarter-end) 192
Stock Price-to-Net Income (at year-end) 192
Stock Price-to-Net Income (Quarter-end) 193
Stock Price-to-Revenue (at year-end) 193
Stock Price-to-Revenue (Quarter-end) 193
Debt / EV 193
Avg. Net Debt / Boed 193
Capex / Cash Flow 193
Unit Of Measure 193
Disclosure information 193

List of Tables
Eni S.p.A., Key Facts 1
Eni S.p.A., Key Ratios 1
Eni S.p.A., Key Costs Per Boe, $/boe, 2008 1
Eni S.p.A., Share Price Performance, Q3, 2008-Q3, 2009 12
Eni S.p.A., Key Valuation Metrics, Q3, 2008-Q3, 2009 13
Eni S.p.A., Key Financials Per Share, Q3, 2008-Q3, 2009 14
Eni S.p.A., Key Financials Per Share Growth Rates, Q3, 2008-Q3, 2009 14
Eni S.p.A., Key Financial Data, $ Million, Q3, 2008-Q3, 2009 15
Eni S.p.A., Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 16
Eni S.p.A., Key Profitability Ratios, %, Q3, 2008-Q3, 2009 17
Eni S.p.A., Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 18
Eni S.p.A., Results of Oil & Gas Operations Per BOE Growth Rates, %, Q3, 2008-Q3, 2009 18
Eni S.p.A., Upstream Capital Expenditure, Q3, 2008-Q3, 2009 19
Eni S.p.A., Total Crude Oil and Natural Gas, Production, Q3, 2008-Q3, 2009 20
Eni S.p.A., Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 21
Eni S.p.A., Total Crude Oil and Natural Gas Production Per Share, Q3, 2008-Q3, 2009 22
Eni S.p.A., Total Crude Oil Production, MMbbl, Q3, 2008-Q3, 2009 23
Eni S.p.A., Crude Oil Production, By Country/Region, MMbbl, Q3, 2008-Q3, 2009 24
Eni S.p.A., Total Natural Gas Production, Bcf, Q3, 2008-Q3, 2009 25
Eni S.p.A., Natural Gas Production, By Country/Region, Bcf, Q3, 2008-Q3, 2009 26
Eni S.p.A., Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 27
Eni S.p.A., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2003-08 28
Eni S.p.A., Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2003-08 30
Eni S.p.A., Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 31
Eni S.p.A., Crude Oil Production and Reserves, By Country/Region, MMbbl, 2003-08 32
Eni S.p.A., Crude Oil Reserve Changes, MMbbl, 2003-08 34
Eni S.p.A., Natural Gas Production and Reserves Metrics, Bcf, 2003-08 35
Eni S.p.A., Natural Gas Production and Reserves, By Country/Region, Bcf, 2003-08 36
Eni S.p.A., Natural Gas Reserve Changes, Bcf, 2003-08 38
Eni S.p.A., Oil and Gas Reserves Life Index, Years, 2003-08 39
Eni S.p.A., Oil and Gas Reserves Life Index, By Country/Region, Years, 2003-08 41
Eni S.p.A., Upstream Capital Expenditure, $ Million, 2003-08 42
Eni S.p.A., Proved and Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 44
Eni S.p.A., Exploration and Development Costs, By Country/Region, $ Million, 2003-08 46
Eni S.p.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe,
2003-08 47
Eni S.p.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By
Country/Region, 2003-08 50



Eni S.p.A., Oil and Gas Production Replacement Ratio, %, 2003-08 51
Eni S.p.A., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2003-08 55
Eni S.p.A., Revenue and Expenses, $ Million, 2003-08 57
Eni S.p.A., Revenue and Expenses, By Country/Region, $ Million, 2003-08 61
Eni S.p.A., Oil and Gas Revenue and Expenses, $/B



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