Eni Commences Production from Bhit Gas Field in Pakistan

Eni has started commercial production from the Bhit Gas Field located 180km north of Karachi in the Kirthar region of Pakistan. The field, operated by Eni with a 40% working interest has reserves of 172 million boe and will reach a plateau production in late March 2003 in excess of 40,000 boepd which will be sold in the domestic market. The development project, totaling US$236 million of which Eni has invested US$94 million, was completed within 25 months and under-budget in spite of the recent turbulent events in the region. This was achieved through the diligence and professionalism of the operator, the joint venture partners (Kirthar Petroleum BV -a Shell Group company- 28%, OGDCL 20% and Premier-Kufpec Pakistan 12%) and the Government of Pakistan.

Bhit, part of the ex-Lasmo assets, adds to the portfolio of Eni in Pakistan where the fields already in production (Bhit, Kadanwari and Miano) and those under development (Sawan and Zamzama) will grow the production of Eni from the current level of 10,000boepd to 35,000boepd during the course of 2003 with the objective to exceed 50,000boepd in 2004.