Eni Commences Production form Elephant Field in Libya

Eni announces the production start up from Elephant, an important oil field located 800 kilometers south of Tripoli, in Libya. The initial flow rate of 10,000 barrels per day is expected to increase to 150,000 barrels per day by the end of 2006.

The joint venture for the exploration and exploitation of the area is made up of National Oil Corporation (NOC), the Libyan State Oil Company, Eni and Korea National Oil Corporation (KNOC).

The Operator of the Elephant Field is Agip Oil Company Limited, a company equally owned by NOC and Eni.

Eni has been operating in Libya since 1959 and is currently one of the major international producers with approximately 14% of the Country's annual oil production. By the end of 2004, the production start up of the "Western Libya Gas Project", which will allow the export of 8 billion cubic meters per year of gas to Italy, is also planned.