November 21, 2008
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Eni Starts Production in Alaska

Eni has started production from the Oooguruk offshore oil field, located in the North Slope of Alaska, some 250 km south-east of Barrow. The field is located 5 miles offshore from Harrison Bay in the Beaufort Sea, at an average water depth of approximately 5 feet.

Eni owns a 30% working interest in the field, acquired through the purchase of Armstrong Oil&Gas' Alaskan assets in August 2005. Pioneer Natural Resources Company holds the remaining 70% and is the Operator.

The Oooguruk development was sanctioned in early 2006. The estimated gross recoverable reserves are approximately 90 million barrels of oil. Peak production of approximately 20,000 barrels of oil per day is expected in 2011. A gravel island was built and outfitted with facilities to accommodate development drilling and field operations.

From the exploration phase to first production, the Oooguruk field was brought online in less than five years, a record time for a new offshore field on the North Slope.

Through its participation in the Oooguruk project, Eni achieves its first production in Alaska, an area that offers great potential, and enhances its role as a major player in the Arctic, where it can leverage its technological expertise and global experience in the development of projects in challenging environmental conditions.

Eni owns 176 leases in Alaska, all located onshore and offshore on the North Slope. Eni recently sanctioned the development of the 100%-owned Nikaitchuq oil field (located approx. 25 km east of Oooguruk), its first operated project in the region.

In the United States, Eni also holds lease interests in 415 blocks in the Gulf of Mexico, 70% of which are in deepwater. Eni is among the leading GoM producers with a daily net production capacity in excess of 110,000 barrels of oil equivalent, of which 60% is operated.

Source: Eni



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