Eni, Partners Hit Oil Pay in Norwegian Barents Sea

Eni successfully completed drilling activities of Exploration well 7125/4-1, about 110 kilometers northeast of the Goliat Field, in the offshore area of the Norwegian Barents Sea.

The well is a hydrocarbon discovery, and represents further confirmation of Eni's trust in the great hydrocarbon potential of the area, where Eni is operator of the Goliat Field.

Eni is holder of 30% equity in this new discovery. Other partners are Norsk Hydro (operator with 30%), BG (20%) and Petoro (20%).

In the course of 2007 Eni plans to finalize the concept selection phase for the Goliat field (Eni operator with 65%) development, in line with the challenging technical and environmental constraints of the Barents Sea.

Furthermore, Eni plans to drill an additional exploration well during 2007, to evaluate the possible extension of the field to the north.

Eni has been present in Norway since 1964, with first production from the Ekofisk Field in 1971. Current Eni production in Norway is in the order of 140,000 barrels of oil equivalent per day (boed), consisting of both oil and gas.

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