Eni Begins Production from K2 Field in the Gulf of Mexico

Eni has started production from K2, an oil field located in deepwater Gulf of Mexico, Green Canyon Block 562 some 200 km off the coast of Louisiana.

The first well placed on production has an initial flow rate of 8,000 barrels of oil equivalent (BOE) per day.

The K2 field is located in 1,200 meters of water depth, at an average reservoir depth of 8,500 meters, and has estimated resources in excess of 100 million BOE. Following a delineation campaign in 2002-2003, the development project was sanctioned in February 2004 and production start up achieved 15 months later, with costs under budget.

Two additional wells in the initial stage of the field development are scheduled to be on-line by end of 3Q 2005, and Eni estimates to achieve an equity peak production of approximately 6000 BOE per day (net of royalty). The subsea wells are tied back to the Marco Polo platform, located 11 km away.

Eni is the Operator of K2 with 18.2% working interest. Partners include Anadarko Petroleum Corporation (NYSE: APC) (52.5%), ConocoPhillips Company (16.8%) and Unocal Corporation (NYSE: UCL) (12.5%).

In the Gulf of Mexico Eni owns lease interest in over 300 blocks, 90% in deepwater where the company is primarily focused. Eni's current daily equity production is 44,000 BOE - 70% operated - with production start up from three additional new deepwater fields expected in 2005.

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