Eni Successfully Completes South Pars Phases 4 & 5

Eni has successfully completed the South Pars phases 4 & 5 gas field development. The project workscope includes: construction and installation of two offshore wellhead platforms, drilling of 24 gas production wells, laying of two 32" sealines (100 km each in length) to transport gas to shore and construction of a gas processing plant at Assaluyeh on the Persian Gulf (250 km south-east of Bushehr).

"The completion of South Pars phases 4 & 5 is another important project successfully delivered by Eni and this has been achieved in advance of the schedule defined within the Service Contract - declared Eni's Chief Executive Officer Vittorio Mincato during the ceremony and we are very proud of this achievement and thankful to the Iranian Government for the trust in our Company in assigning the development of such a challenging project for us. South Pars is one of the largest gas fields in the world and the fact that Eni is trusted with this important development is a recognition of the experience, technology and competence of Eni's Exploration & Production Division".

The onshore gas process plant will produce 20 billion standard cubic meters of gas per year, that is currently injected in to the Iranian national grid, one million tons per year of propane/butane and 80,000 barrels per day of condensates for export. Eni equity production will exceed 50,000 barrels of liquids per day (condensate, propane, butane).

Eni is Operator for the development of South Pars phases 4 & 5 with a 60% participating interest and operates in joint venture with Petropars (20%) e Naftiran Intertrade Co. NICO (20%)1 on behalf of the National Iranian Oil Company under a Buy-back Contract signed in July 2000.

With this project Eni consolidates its presence in Iran, where it has been active for over 50 years. Eni is also Operator for the development phase of Darquain oil field and participates in the joint ventures for the development of Dorood and Balal oil fields.

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