Eni Starts Up Production from Pegasus Field in Gulf of Mexico

Eni has started production from the Pegasus field located in Green Canyon Area, Block 385, offshore Gulf of Mexico, approximately 110 miles southeast of New Orleans.

The Pegasus field has been developed as a tie back to the Eni operated Allegheny Tension Leg Platform using Diamond Offshore's Ocean Quest semisub.

Eni owns a 58% working interest and is the operator of the Pegasus field, acquired through its purchase of Dominion GOM properties in July of 2007. Red Willow Offshore, LLC, a wholly owned subsidiary of the Southern Ute Indian Tribe, and Houston Energy , L.P. are minority owners in the project.

The Pegasus development was sanctioned in December 2007 and first oil has been achieved in less then one year. Peak oil production of approximately 5,000 barrels of oil per day is expected in 2009. The Pegasus project enhances Eni’s role as a major player in the Gulf of Mexico, where it can leverage its technological expertise and global experience in the development of projects in deepwater.

Eni owns lease interests in 408 blocks in the Gulf of Mexico, 70% of which are in deepwater.

In the USA, Eni is present in the GOM, where it is among the leading producers with a daily net production capacity in excess of 100,000 barrels of oil equivalent (60% operated) and in Alaska, where it owns interests in 173 leases on the North Slope.

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