Eni Strengthens Position Offshore Norway

Eni has strengthened its position in the Norwegian offshore by raising its working interest in two exploration licenses, PL 211 and PL 264, located deepwater in the Norwegian Sea.

Eni has acquired an additional 10% working interest in license PL 211 from Total E&P Norge. The joint venture now consist of Total E&P Norge 40% (operator), Eni Norge 30%, Statoil ASA 30%.

The license is located in water depths of approximately 600m in the Norwegian Sea and contains the Victoria gas discovery. The Victoria accumulation is potentially one of the largest gas discoveries of the last few years in Norway. The Norwegian Petroleum Directorate estimates reserves for some 118 billion standard cubic meters of gas, bringing Eni share to 35.4 billion standard cubic meters. Victoria represents a technological challenge due to high pressure and high temperature conditions of the reservoir.

Eni also announces an increase in equity and the takeover of operatorship from ExxonMobil in license PL264. Eni doubled its equity and the joint venture now consist of Eni Norge 40% (operator), Conoco Phillips 30%, Petoro 30%.

PL264 is located in the deep water of the northern sector of the Norwegian Sea, and contains the Hvitveis discovery. Estimated gas reserves by the Norwegian Petroleum Directorate in Hvitveis are 22 billion standard cubic meters, of which 8.8 billion are Eni's new share. Eni believes the license contains untested additional exploration potential, and studies are underway to mature new drillable prospects.

Eni S.p.A is present in Norway E&P trough its wholly owned subsidiary Eni Norge AS, operator of 12 production licenses and partner in another 40 licenses on the Norwegian Continental Shelf. The Company has interests in the Greater Ekofisk Area, Heidrun, Mikkel, Norne, Urd, Åsgard, Kristin, and Tyrihans fields, and its production is approximately 150 k barrels of oil equivalent per day. Eni is also operator of the recent major oil discovery of Goliat in the Barents Sea, where an appraisal drilling campaign is about to start, and the preparations for a plan of development are well underway.

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