Eni Field Trip Egypt by linxiaoqin

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									Eni Field Trip
    Egypt


   October, 2004
Egypt: a Core Country
Claudio Descalzi
Senior Vice President
Geographic Area Italy, Africa and Middle East
Exploration & Production Division


October 27th, 2004
Disclaimer
This presentation contains forward-looking statements regarding future events and the future results of Eni
that are based on current expectations, estimates, forecasts, and projections about the industries in which
Eni operates and the beliefs and assumptions of the management of Eni. In particular, among other
statements, certain statements with regard to management objectives, trends in results of operations,
margins, costs, return on equity, risk management and competition are forward-looking in nature. Words
such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’,
variations of such words, and similar expressions are intended to identify such forward-looking statements.
These forward-looking statements are only predictions and are subject to risks, uncertainties, and
assumptions that are difficult to predict because they relate to events and depend on circumstances that
will occur in the future. Therefore, Eni’s actual results may differ materially and adversely from those
expressed or implied in any forward-looking statements. Factors that might cause or contribute to such
differences include, but are not limited to, economic conditions globally, the impact of competition, political
and economic developments in the countries in which Eni operates, regulatory developments in Italy and
internationally and changes in oil prices and in the margins for Eni products. Any forward-looking
statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake
to update forward-looking statements to reflect any changes in Eni’s expectations with regard thereto or
any changes in events, conditions or circumstances on which any such statement is based. The reader
should, however, consult any further disclosures Eni may make in documents it files with the US Securities
and Exchange Commission.




                                                                                                                          3
           Egypt Macroeconomic Data - Year 2003


                  COUNTRY DATA                                       UPSTREAM SECTOR



 !   Population:                  > 67 Million
                                                      !   Oil production:                  750 kbbl/d
 !   GDP:                         80.4 Billion US$
                                                      !   Total Gas production: 560 kboe/d
 !   GDP per capita:              1,189 US$
                                                      !   Liquids Reserves 2P:              3.7 Billion bbl
 !   GDP growth rate: 3.1%
                                                      !   Gas Reserves:                     1,750 bcm
 !   External Debt:               29.0 Billion US$

 !   Inflation rate:              5.5%


Sources: IMF, Business Monitor International         Sources: World Oil & Gas Review (2003), Ministry of Petroleum


                                                                                                               4
Eni in Egypt



KEY FEATURES

!   Solid and long term relationship

!   Leading international upstream player

!   Legacy country sustaining a short and long term production growth

!   Integrated project covering the entire gas chain

!   Gas reserve available

!   Key area for exploration activity driven by gas theme




                                                                        5
      Eni: presence in Egypt
      HISTORICAL MILESTONES




                                   Mattei and Nasser



  1953             1954
     Eni        Agip acquire 27%
establishment     of IEOC from
                  Petrofina Co.




                                                       6
         Eni: presence in Egypt
         HISTORICAL MILESTONES




    1955                     1961                                1961                                         1967                                      1978
IEOC discovers         AGIP becomes                      Discovery of the                            Discovery of Abu                           Introduction of the PSA
  the Belayim          the sole owner                  Belayim Marine Oil                           Madi, the first gas
 Land Oil Field           of IEOC                     Field (product. 1962)                         discovery in Egypt
                                                                                                     (product. 1975)


                                         Eni operated historical production (100%)
                                  Liquids                                                           Israeli occupies Sinai
                                  Gas

                       100
                        80
              kBOEPD




                        60
                        40
                        20
                         0
                         55
                         56
                                    57
                                         58
                                         59
                                                  60
                                                  61
                                                            62
                                                            63
                                                                      64
                                                                      65
                                                                                66
                                                                                67
                                                                                          68
                                                                                          69
                                                                                                    70
                                                                                                    71
                                                                                                              72
                                                                                                              73
                                                                                                                        74
                                                                                                                        75
                                                                                                                                  76
                                                                                                                                  77
                                                                                                                                            78
                       19
                             19
                                  19
                                       19
                                            19
                                                 19
                                                      19
                                                           19
                                                                19
                                                                     19
                                                                          19
                                                                               19
                                                                                    19
                                                                                         19
                                                                                              19
                                                                                                   19
                                                                                                        19
                                                                                                             19
                                                                                                                  19
                                                                                                                       19
                                                                                                                            19
                                                                                                                                 19
                                                                                                                                      19
                                                                                                                                           19
                                                                                                                                                                    7
         Eni: presence in Egypt
         HISTORICAL MILESTONES




                                                                                                                                                                                 2002-03
    1980                         1983                                       1987                                                   1993
                                                                                                                                                                              Union Fenosa Gas
Introduction of            Discovery of                   IEOC acquires interest                                        Belayim and Abu                                    (80% in SEGAS Damietta
the Gas clause             Port Fouad                       as operator in the                                         Madi Development                                     LNG); Establishment of
    in PSA                                                   Western Desert                                           Leases are extended                                   United Gas Derivatives
                                                                                                                        to the end 2020                                        Co. (Eni 33,3%)



                                   Liquids          Eni operated historical production (100%)
                     500           Gas
                     450
                     400
                     350
                     300
            kBOEPD




                     250
                     200
                     150
                     100
                      50
                       0
                       79

                             80

                                   81

                                         82

                                               83

                                                     84

                                                           85

                                                                 86

                                                                       87

                                                                             88

                                                                                   89

                                                                                         90

                                                                                               91

                                                                                                     92

                                                                                                           93

                                                                                                                 94

                                                                                                                       95

                                                                                                                             96

                                                                                                                                   97

                                                                                                                                         98

                                                                                                                                               99

                                                                                                                                                     00

                                                                                                                                                           01

                                                                                                                                                                 02

                                                                                                                                                                       03
                     19

                            19

                                  19

                                        19

                                              19

                                                    19

                                                          19

                                                                19

                                                                      19

                                                                            19

                                                                                  19

                                                                                        19

                                                                                              19

                                                                                                    19

                                                                                                          19

                                                                                                                19

                                                                                                                      19

                                                                                                                            19

                                                                                                                                  19

                                                                                                                                        19

                                                                                                                                              19

                                                                                                                                                    20

                                                                                                                                                          20

                                                                                                                                                                20

                                                                                                                                                                      20
                                                                                                                                                                                              8
        Eni Leading International Oil Player in Egypt
         Kboe/d
                                      2003 Average daily operated production 100%
                        170

                                             62                                                                77
                                                            31
                        242                                                  93
                                             172            92                                                 162
                                                                             29                 77
                         Eni                 BP             Shell          A pache              BG            Others

     Liquids
     Gas
                                      Eni historical operated production (100%)
          450
          400
          350
          300
          250
          200
          150
          100
           50
            0
           55



                  58



                         61



                                 64



                                        67



                                                70



                                                       73



                                                              76



                                                                      79



                                                                             82



                                                                                    85



                                                                                           88



                                                                                                  91



                                                                                                         94



                                                                                                                 97



                                                                                                                        00



                                                                                                                               03
         19



                19



                       19



                               19



                                      19



                                              19



                                                     19



                                                            19



                                                                    19



                                                                           19



                                                                                  19



                                                                                         19



                                                                                                19



                                                                                                       19



                                                                                                               19



                                                                                                                      20



                                                                                                                             20
Sources: IEOC and EGPC data
                                                                                                                                    9
                   Eni in Egypt Today

                   Upstream
                   International Egyptian Oil Company – IEOC
                   (Eni 100%)
G R O U P




                   Belayim Petroleum Company – Petrobel
P
    E
                   (IEOC 50%, EGPC 50%)
               L




        T R O BE




                   Agiba Petroleum Company – Agiba
        AG B A
          I
                   (IEOC 40%, IFC 10%, EGPC 50%)


                   Downstream participations
                   Segas LNG       (UF Gas (Eni 50%, UF 50%) 80%, EGPC/Egas 20%)
S EGAS

                   United Gas Derivatives Co. (IEOC 331/3%, Bp 331/3%, Gasco 331/3%)
                   Gas Tec      (Eni 40%, Misr 40%, Petroject 10%, Egypt Gas 10%)
                   City Gas     (Eni 20%, GENCO 55,23% , others 24,77%)

                                                                                       10
Eni Acreage Today

  Mediterranean Sea
                      East Delta Deep Marine
                                North El Bourg                     !   10 Exploration
                  W.Baltim              North Bardawil
                                        Tinah Offshore
                                                                       Concessions
                    Baltim   Temsah
                                                                       (9 operated)
   Meleiha               N. Port Said


                                                                       Total acreage
    Block 10                               Gulf of Suez                23,446 Sqkm
 Western Desert                           Belayim
                                         S.Feiran
                                  W. Ashrafi
                                             Ashrafi
                                    Ras El Ush
                                                                   !   35 Development
                                                                       Leases
                                                                       (30 operated)
                                            North Red Sea Blk II


                                                                       Total acreage
                                                                       5,502 Sqkm




                                                                                        11
      Egypt:
      equity production growth driven by gas
      Kboe/d



                              Cagr 04-07
                                >3%
Production                                 ~215
                187   >190

                                                   Gas: CAGR >7%
                95    >100




                92     ~90                         Liquids: CAGR ~-2%



               2003   2004E                2007E




                                                                   12
Egypt: efficient organic growth




                                                        2003

                                               3-year         5-year
                                              average        average


     Reserve replacement                         0.62          1.19

     Opex ($/boe)                                 2.7           2.5

     Technical dev. cost ($/boe)*                 4.4           4.6

   * Calculated as: development capex / reserves developed




                                                                       13
        Egypt:
        Medium Term Capex Profile
        Bln €




                                                Overall
Capex                                               0.7



                          0.4     0.4

                   0.3    0.1     0.1
  Exploration
                                         0.05
 Development       0.1    0.3     0.3

                   0.2


                   2002   2003   2004E          2005-2007
                   2002   2003   2004E           2005-2007

                                                             14
                                                                                         Main Ongoing Development Projects


                                                                                              EAST DELTA DEEP MARINE
                                                                                                                                     Baltim
                                                                                                                                                                                                                                                                                                                                                              MEDITERRANEAN SEA                                                                                                            N
                                                                                                                                                                                  EDDM - 1

                                                                                                                                                                                                           EDDM - 2




                                                                                                                                                                                                                                                                          Temsah
                        B. NORTH DEV. LEASE
                           B NE - 1

                                                                                                                                                                                      RINGA 1


                                      BN-1
                                             BN-2                                        RAS EL BARR LEASE                  HAPY 2 , 4
                                                                                                                                                           DENISE NORTH 1
                                                                                                                                                                                                         TUNA NE - 1


                                                                                                                                                         . LEASE
                                                                                                                                                DENISE DEV




                                                                                                                                                                                                                                                                                                          NORTH PORT SAID
                                                                                                                                                 DEN. B                                            TUNA - 1
                                                      BE-5
                                                                                                       ROSETTA                                          DEN . A
                                                                                                                                                                   TEMSAH NW1

BALTIM EAST                                       B E -2
                                                                                                                                                                                 TEMSAH - 4
                                                                                                                                                                                                                       SETI 1


DEV. LEASE
                                                  BE-1
                                                            24”                                                                                       KARAWAN
                                                                                                                                                                               30”
                                                                                                                                                                                     TEMSAH DEV
                                                                                                                                                                                             . LEASE
                                                                                                                                                                                                                       PETROBEL
                                                                                                                                                                                                                       CONCESSION

                                                                                                                                                                                                                                SEGAN
                                                                                                                                                                                                                                                                 BARBONI - 1
                                                                                                                                                                                                                                                                                                                                                                                     NPS, Port Fouad
                                                                                                                                                                                     ASFOUR 1                                                                                                                 THEKAH - 1
                                                  B E -3                       B. SOUTH DEV. LEASE                                                                                                                            WAKAR                                                                                                                                                                                                                                                        GAZA
                                                                                                                                                     MYAS 1
                                                                                                                                                                                                                        SEMMAN - 1                         BARRACUDA W - 1
                                                                                                                                                                                                  ABU SEIF - 1
            BALTIM -1                                                                                                                                                                                                                                          BARRACUDA - 1
                                                                                                                                                                                                                        OCTOPUS - 1
                                                      B - S1          NID. M - 1
                                                                                                                                                                               NE DAMIETTA
                                                                                                                                                                                                                                                10




                                                                                                                                                                                                                                                                                                                  EL- GAMIL ONSHORE
                                                                                                                                                                                                                                                                                          TAO - 1




                             Ha’py, Akhen
                                                                                                                                                                                                                                                  ”+




                                                      12”                                                                                                                                                 30”          v
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   RAFAH
                                                                                                                                                                                                                                                   3”&




                                       W ABU MADI                                                                                                                                                                                                               NOURAS - 1
                                                                                                                                                                                                                                                       4




                                       DEVLEASE NID. -9
                                                                                                                                                                                                                                                       ”




                                          .
                                       NID.- 10     8”                                                                                                                               KAROUS - 1                                          u
                                                                                                                                                                                                                        z
                                                    6"



                                                                                                                                                                                                                                                                                                                  TREATMENT PLANT
                                                                    NID.-7                                                                                                                                                               Q     DARFEEL
                                                                                                                                                                                                                               36”                                                        KAMOS - 1
 BURULLUS                              NID. - 6                                                                                                                                                                                                     10” + 3”     P . FOUAD
                           BALTIM                                                                                                                                                                                              DARFEEL -1




                                                                                                                                                                                                                                                                                                                                                                                                              36” SINAI GAS-LINE
                                                           6"
                                                                                                                                                                                                                                                                16




                                                                                                                 RAS EL BARR                                                                                                                                              P. FOUAD
                                                                                                                                                                                                                                                                  ”+




                                                                                                                                                                                                                                 P . FOUAD M SW-1
                                                                                                                                                                                                                                                                     3”




                                                                                                                                                                                                                                                                          M .SE 2
                                                                                                                                                                                                          KAROUS S -1
                                                                                                                                                                                                                                             P . FOUAD M SW-2
                                                                                                                                                                   24” + 12”




                                                                  AB U MA DI
                                                                “EL QU AR A”
                                                                 GAS PLANT                                                                                                                                                                                             P . FOUAD SE 1

                                                                                                                                                                                                                         NORTH                           CAR GO
                                                                                                                                                                                                  36”




                                                                                                                                                                                                                       ANCHORAGE                         AREA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   EL SHEIKH



                                                                                                                                                                                                                                                                                                              SUEZ CANAL CROSSING
                                                                                   12”                                                                                                                                                            CAR GO
                                                           ABU MADI
                                                                                                                                         DAMIETTA                                                                                                                                                                                                                                                                                                                                   ZOUED
                                                                                                                                                                                         6”




                                                                                                                                                                                                                                                  AREA                                                                                                                                                                                                                 TERMINAL
                                                                                                                                                                                      14” + 3”&




                                                                                                                                                                                                                   NORTH
                                                                                                                                                                                                                 ANCHORAGE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         POINT
                                                                                                                                                                                                                                                                                                                                                                                                                                                            EL ARISH
                                                                                                                                                                                                                          SOUTH
                                                                                                                                                EL GARABA                                                              ANCHORAGE
                                                                                          EAST DELTA
                                                                                                                                                                                                                                                                                                                                                                                                 SABKHET EL                                EL MEDAN
                                                                                                                                            LAKE                                                                                  P.SAID                                                                                                                                                          BARDAWIL
                                                                                                                       ER




                                                                                                                                                                                                                                                                                                                                                     IL
                                                                                                                    RIV




                                                                                                                                           MANZALA                                                                                                                                                                                             D   AW
                                                                                                                                                                                                                                                                                                                                            BAR
                                                                                                                     E
                                                                                                                  NIL




                                                                                                                                                                                                                                                                                                                                       EL
                                                                                                                                                                                                                                                                                                                                   HET
                                                                                                                                                                                                                           P. FOUAD
                                                                                                                                                                                                                                                                                              BOUQAZ -E1                       K
                                                                                                                                                                                                                                                                                                                           SAB
                                                                                                                                                                                                                                                                                                                                                                                                                 MAZAR
                                                                                                                                                                                                                                                                                                                                                                       MAIN ROAD                                                                      EL ARISH

                                                                                                                                                                                                                                                                                                                                                                       TO EL ARISH    EL ROUDA
                                                                                                                                                                                                                                                                                                                                                                                                                            INE RO   UTE              AIRPORT

                                                                                                                                                                                                                                                                                                                                                                                                                   36”PIPEL
             NILE                                                                                                                                             42” PIPE LINE
                                                                                                                                                                                                                                                                               EL TINAH BAY
                                                                                                                                                                                                                                                                                                                                                          BIR EL ABD
                                                                                                                                                                                                                            SUEZ CANAL




                                                                                                                                                                                                                                                                                                    EL
            DELTA                                                                                                                                                                                                                                                                                   FAIROUZ

                                                                                                                                                                                                                                                                                                    ROMANA


                                                                                                                                                                                                                                                                                                                                                                                                                 SINAI
                                                                                                                                                                                                                                                                                                                               NAGILA




                                                                                                                                                                                                                            PLIOCENE GAS                                                                                              MIOCENE GAS                                     CONCESSIONS LIMIT



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  15
Main Ongoing Development Projects



North Port Said project   ! Reserves:
       Ieoc 100%            537 M boe (100%)
                            380 M boe (Eni share) of which
                            31% developed.
                          ! First Gas: April 1996
                          ! Peak Production (100%):
                            61.5 kboe/d (2009)
                            42.3 boe/d (Eni share)
                          ! Capex (100%):
                            full life : 1,048 M $
                            up to 2003: 480 M $


                                                             16
Main Ongoing Development Projects


  Temsah Project       !   Reserves :
Ieoc 50% Op., Bp 50%       774 M boe (100%)
                           100.7 M boe (Eni share) of which
                           34% developed.

                       !   First Gas: February 2000

                       !   Peak Production (100%)
                           100.2 K boe/d (2004)
                           20.8 k boe/d (Eni share)
                       !   Capex (100%)
                           full life:     1,047 M $
                           up to 2003:    327     M$



                                                              17
Main Ongoing Development Projects


  Ras El Bar Concession    ! Reserves:
(Ha’py & Akhen Projects)     345 M boe (100%)
    Bp 50% Op., Ieoc 50%
                             97 M boe (Eni share) of which
                             27% developed
                           ! First Gas: February 2000
                           ! Peak Production (2006):
                             68.7 kboe/d (100%)
                             18.1 kboe/d (Eni share)
                           ! Capex (100%):
                             full life 472 M $
                             up to 2003: 312 M $



                                                             18
Main Ongoing Development Projects


    Baltim Project       !   Reserves:
  Ieoc 50% Op., Bp 50%       150 M boe (100%)
                             47 M boe (Eni share) of which
                             58% developed.
                         !   First Gas: February 1997 -
                             Baltim South
                         !   Peak Production (2004):
                             43.0 kboe/d (100%)
                             13.4 kboe/d (Eni share)
                         !   Capex (100%):
                             full life: 260 M $
                             up to 2003: 145 M $



                                                             19
     Main Ongoing Development Projects
                                                                                                                             S YRIA
                ABU RUDEIS/SIDRI FIELDS                                                                                        S YRIA      IRAQ
                                                                                                                                             IRAQ


                   (IEOC - PETROBEL)
                                                                    Mat ruh    Alexandr ia
                                                                     Mat ruh     Alexandr ia      Port S aid       IS R.
                                                                                     E l Hamra      Port S aid        IS R.
                                                                                                                          JORDAN
                                                                                         ECAIRO
                                                                                          l Hamra        S uez              JORDAN
                                                                                             CAIRO          S uez

                               WADI FEIRAN                                                    Ras Gharib
                                                                                                               Abu Z enima
                                                                                                                 Abu Z enima


                            (IEOC - PETROBEL)
                                                                                                                               S AUDI ARAB IA
                                                                                                Ras Gharib                       S AUDI ARAB IA




                                                                                               Nil
                                                  Sinai




                                                                                                e
                                                                                                 NRiv
                                                                                                  ile e
                                                                                                      Rriv
                                                                               EGYPT




                                                                                                          re
                                                                                EGYPT                          L ux or
                                                                                                                  L ux or




                                                Peninsula
                                                                                                                 As wan
                                                                                                                   As wan
                                                                                              Nas s er L ake
                                                                                                Nas s er L ake

                                                                                                                            S UDAN
                                                                                                                              S UDAN




                                  BELAYIM LAND & MARINE FIELDS

                                        (IEOC - PETROBEL)




                                                      SINAI
                                                R. GHARRA FIELDS
                                                (IEOC - PETROBEL)


Eastern
 Desert    WEST ASHRAFI
          ASHRAFI FIELDS
           (IEOC - AGIBA)




                                                                                                                                        20
           Main Ongoing Development Projects

                                         BELAYIM - PRODUCTION OPTIMISATION
                                                              Ieoc 100%
                                                                             Abu Rudeis - On shore facilities
          MARINE & LAND
                                      PETROBEL
   BELAYIM MARINE FIELD          PRODUCTION FACILITIES




            M-3
         D-10
            F-10 M-2 RLP
          F-10 LQ     PP-1
               M-4    PP-2
                   M-1
                       PP-3




                      BELAYIM LAND FIELD



                                                                          Hystorical Production (1993-2003)
Full life project                                                    235 k bbl/d
! Original reserves                      2,862 M STb (100%)          peak, 1993       200

! First Oil                              1956 (land),
                                         1962 (marine)                                100             Production
! Peak Production                        235 k stb/d (100%)                                          decline offset
                                                                          K bbl/d
                                                                                        0


                                                                                                                 21
                                                                                           Future Projects – Mediterranean Sea


                                                                                               EAST DELTA DEEP MARINE
       BALTIM(50% Op.)
       2TCF (50% Op.)
       2TCF
        ! Reserves 357 M boe (100%)
        ! Reserves 357 M boe (100%)                                                                                                                                                                                                                                                                                                                                 MEDITERRANEAN SEA                                                                                                   N
        ! Start up: 1Q 2008
        ! Start up: 1Q 2008                                                                                                                                                                                                                ELTEMSAH                                                                                                                       North Bardawil (60% Op.)
                                                                                                                                                                                                                                                                                                                                                                          North Bardawil (60% Op.)
                                                                                                                                                                                      EDDM - 1

                                                                                                                                                                                                             EDDM - 2

                        B. NORTH DEV. LEASE
                           B NE - 1

                                                                                                                                                                                        RINGA 1
                                                                                                                                                                                                                                                                                                                                                                          ! Reserves 7.6 Bscm (100%)
                                                                                                                                                                                                                                                                                                                                                                          ! Reserves 7.6 Bscm (100%)
                                      BN-1
                                             BN-2
                                                                                                                              HAPY 2 , 4
                                                                                                                                                  DENISE DEVLEASE
                                                                                                                                                           .
                                                                                                                                                            DENISE NORTH 1
                                                                                                                                                                                                           TUNA NE - 1
                                                                                                                                                                                                                                                                                                                                                                          ! Start up: 1Q 2008
                                                                                                                                                                                                                                                                                                                                                                          ! Start up: 1Q 2008
                                                                                                                                                                                                                                                                                                             NORTH PORT SAID
                                                                                                                                                   DEN. B                                           TUNA - 1
                                                      BE-5
                                                                                                        ROSETTA                                           DEN . A
                                                                                                                                                                    TEMSAH NW1

BALTIM EAST
                                                                                          RAS EL BARR LEASE
                                                                                                                                                                                                                         SETI 1
                                                                                                                                                                                  TEMSAH - 4
                                                  B E -2
DEV. LEASE
                                                               24”                                                                                      KARAWAN                                                          PETROBEL
                                                                                                                                                                                30”                                      CONCESSION                               BARBONI - 1
                                                  BE-1                                                                                                                                         . LEASE
                                                                                                                                                                                       TEMSAH DEV
                                                                                                                                                                                                                                   SEGAN
                                                                                                                                                                                       ASFOUR 1                                                                                                                  THEKAH - 1
                                                  B E -3                        B. SOUTH DEV. LEASE                                                    MYAS 1                                                                   WAKAR                                                                                                                                                                                                                                                   GAZA
                                                                                                                                                                                                                          SEMMAN - 1                          BARRACUDA W - 1
                                                                                                                                                                                                    ABU SEIF - 1
            BALTIM -1                                                                                                                                                                                                                                          BARRACUDA - 1
                                                                                                                                                                                                                            OPUS - 1
                                                                                                                                                                                                                          OCT
                                                      B - S1           NID. M - 1
                                                                                                                                                                                NE DAMIETTA
                                                                                                                                                                                                                                                   10




                                                                                                                                                                                                                                                                                                                 EL- GAMIL ONSHORE
                                                                                                                                                                                                                                                                                             TAO - 1
                                                                                                                                                                                                                                                     ”+




                                                         12”                                                                                                                                                30”          v
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                RAFAH
                                                                                                                                                                                                                                                     3”




                                                                                                                                                                                                                                                                  NOURAS - 1
                                                                                                                                                                                                                                                       & 4”




                                       W ABU MADI
                                       DEVLEASE NID. -9
                                          .
                                       NID.- 10      8”                                                                                                                                 KAROUS - 1                                         u
                                                                                                                                                                                                                          z
                                                    6"
                                                                     NID.-7                                                                                                                                                                Q
                                                                                                                                                                                                                                         DARFEEL
                                                                                                                                                                                                                                 36”                                                         KAMOS - 1




                                                                                                                                                                                                                                                                                                                 TREATMENT PLANT
 BURULLUS                              NID. - 6                                                                                                                                                                                               10” + 3”            P. FOUAD
                           BALTIM                                                                                                                                                                                                DARFEEL -1




                                                                                                                                                                                                                                                                                                                                                                                                           36” SINAI GAS-LINE
                                                           6"
                                                                                                                                                                                                                                                                 16




                                                                                                                  RAS EL BARR                                                                                                                                              P. FOUAD
                                                                                                                                                                                                                                                                   ”+




                                                                                                                                                                                                                                    P . FOUAD M SW-1
                                                                                                                                                                                                                                                                      3”




                                                                                                                                                                                                                                                                           M .SE 2
                                                                                                                                                                                                            KAROUS S -1
                                                                                                                                                                                                                                               P . FOUAD M SW-2
                                                                                                                                                                    24” + 12”




                                                                   AB U MA DI
                                                                 “EL QU AR A”
                                                                  GAS PLANT                                                                                                                                                                                             P . FOUAD SE 1

                                                                                                                                                                                                                           NORTH                          CAR GO




                                                                                                                                                                                                                                                                                                                 SUEZ CANAL CROSSING
                                                                                                                                                                                                    36”




                                                                                                                                                                                                                         ANCHORAGE                        AREA

                                                                                    12”
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                EL SHEIKH
                                                                                                                                                                                                                                                    CAR GO
                                                           ABU MADI
                                                                                                                                           DAMIETTA
                                                                                                                                                                                           6”




                                                                                                                                                                                                                                                    AREA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    TERMINAL     ZOUED
                                                                                                                                                                                                                                                                                         BLK 24
                                                                                                                                                                                        14” + 3”&




                                                                                                                                                                                                                     NORTH
                                                                                                                                                                                                                   ANCHORAGE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      POINT
                                                                                                                                                                                                                                                                                                                                                                                                                                                         EL ARISH
                                                                                                                                                                                                                            SOUTH
                                                                                                                                                  EL GARABA                                                              ANCHORAGE
                                                                                           EAST DELTA
                                                                                                                                                                                                                                                                                                                                                                                              SABKHET EL                                EL MEDAN
                                                                                                                                              LAKE                                                                                   P.SAID                                                                                                                                                    BARDAWIL
                                                                                                                         ER
                                                                                                                      RIV




                                                                                                                                             MANZALA                                                                                                                                                                                              IL
                                                                                                                                                                                                                                                                                                                                                AW
                                                                                                                                                                                                                                                                                                                                            ARD
                                                                                                                       E
                                                                                                                    NIL




                                                                                                                                                                                                                                                                                                                                         LB
                                                                                                                                                                                                                          P. FOUAD                                                                                                     TE
                                                                                                                                                                                                                                                                                                BOUQAZ -E1                          KHE                                                                       MAZAR
                                                                                                                                                                                                                                                                                                                              SAB                                    MAIN ROAD                                                                     EL ARISH

                                                                                                                                                                                                                                                                                                                                                                                                                                  UTE              AIRPORT


                                                                                                                                                                                                                                                                                                                              North Sinai (100% Op.)
                                                                                                                                                                                                                                                                                                                                                                     TO EL ARISH   EL ROUDA
                                                                                                                                                                                                                                                                                                                                                                                                                         INE RO
             NILE                                                                                                                                                                                                                                                               EL TINAH BAY
                                                                                                                                                                                                                                                                                                                              North Sinai (100% Op.)   BIR EL ABD
                                                                                                                                                                                                                                                                                                                                                                                                                36”PIPEL
                                                                                                                                                                42” PIPE LINE
                                                                                                                                                                                                                              SUEZ CANAL




            DELTA
                                                                                                                                                                                                                                                                                                       EL
                                                                                                                                                                                                                                                                                                       FAIROUZ

                                                                                                                                                                                                                                                                                                       ROMANA
                                                                                                                                                                                                                                                                                                                              ! Reserves: 8.7 M boe (100%)
                                                                                                                                                                                                                                                                                                                              ! Reserves: 8.7 M boe (100%)
                                                                                                                                                                                                                                                                                                                              ! Start up: 1Q 2007                                                             SINAI
                                                                                                                                                                                                                                                                                                                                    NAGILA

                                                                                                                                                                                                                                                                                                                              ! Start up: 1Q 2007

                                                                                                                                                                                                                              PLIOCENE GAS                                                                                             MIOCENE GAS                                 CONCESSIONS LIMIT



                                                                                                                                                                                                                                                                                                                                                                                                                                                                               22
       Future Projects – Gulf of Suez

                        ABU RUDEIS/SIDRI FIELDS
                                                                                                                                   S YRIA
                                                                                                                                     S YRIA      IRAQ
                                                                                                                                                   IRAQ

                           (IEOC - PETROBEL)                             Mat ruh
                                                                           Mat ruh
                                                                                     Alexandr ia
                                                                                       Alexandr ia
                                                                                           E l Hamra
                                                                                                        Port S aid
                                                                                                          Port S aid
                                                                                                                         IS R.
                                                                                                                            IS R.
                                                                                                                                JORDAN
                                                                                               ECAIRO
                                                                                                l Hamra        S uez              JORDAN
                                                                                                   CAIRO          S uez

                                    WADI FEIRAN
                                                                                                                     Abu Z enima
                                                                                                                       Abu Z enima
                                                                                                    Ras Gharib                       S AUDI ARAB IA
                                 (IEOC - PETROBEL)
                                                                                                      Ras Gharib                       S AUDI ARAB IA




                                                                                                     Nil
                                                       Sinai




                                                                                                      e
                                                                                                       NRiv
                                                                                                        ile e
                                                                                                            Rriv
                                                                                     EGYPT




                                                                                                                re
                                                                                      EGYPT                          L ux or
                                                                                                                        L ux or




                                                     Peninsula
                                                                                                                       As wan
                                                                                                                         As wan
                                                                                                    Nas s er L ake
                                                                                                      Nas s er L ake

                                                                                                                                  S UDAN
                                                                                                                                    S UDAN




                                       BELAYIM LAND & MARINE FIELDS
                                             (IEOC - PETROBEL)




                                                           SINAI
                                                     R. GHARRA FIELDS
                                                     (IEOC - PETROBEL)



Eastern
 Desert
 West Ashrafi (100% Op.)
 West Ashrafi (100% Op.)
 ! Reserves: 11.9 M boe (100%)
 ! Reserves: 11.9 M boe (100%)
 ! Start up: 1Q 2006
 ! Start up: 1Q 2006

                                                                                                                                              23
Eni Long Term Production Trend
Kboe/d

                Long term production profile
                      sustained by gas
  250
                                                      Gas
                                                      Liquids
  200




  150




  100




   50




    0
         2003   2004           2007            2012




                                                                24
          Egypt: new acreage


                       Block 26                                               SYRIA
                         2004

                  Mat r uh        A lex andria                                  Block 24       !   >10% of Eni total
                                                                                  2004
                                                      Po rt Said       ISR.                        exploration
                                         El Ham r a                          J ORDA N
                                             CA IRO
                                               North El Burg Suez                                  expenses planned
                                                    (2004)                                         for 2004-07
                                                                 A b u Zenim a
                                                                                                   destined to Egypt
East Khalabsha
                                                 Ras Gharib                       SA Ush
                                                                                Ras El UDI A       (~ € 0.3 billion)
  (Block 10)                                                                      2003
     2004
                                                                                               !   Rate of success
                                                   N
                                                   Nii
                                                    le
                                                     Ri

                                                                                                   (2002-04
                                                         ve
                                                         v
                                                          r
                                                          r


                              EGYPT                                                                average): ~84%
                                                                 Lux o r
                                                  South Feiran
                                                     2003
                                                                                               !   Exploration driven
                                                                   A sw an
                                                                                                   by gas theme

  Nasse r L ake
     Ieoc New Exp. Concession


                                                                             SUDA N



                                                                                                                  25
            Egypt Gas Supply & Demand
             MM Scm/y
100 000

                 Exploration (Unrisked)
 90 000

                 Potential GSA
 80 000

                 Existing GSA
 70 000
                 T otal Demand
 60 000

 50 000
                 Export Demand                                                                                DOMESTIC

 40 000
                                                                                    T2 Damietta

 30 000
                                                       T1 Idku
 20 000
                                        Arab                                                                   EXPORT
                                      Pipeline                                      T2 Idku
 10 000
                                                                 T1 Damietta
      0
    00



             01



                        02



                                   03



                                                 04



                                                       05



                                                                  06



                                                                               07



                                                                                        08



                                                                                                   09



                                                                                                         10



                                                                                                               11



                                                                                                                     12
   20



            20



                      20



                                 20



                                            20



                                                      20



                                                                 20



                                                                           20



                                                                                      20



                                                                                                  20



                                                                                                        20



                                                                                                              20



                                                                                                                    20
 Source: IEOC internal analysis on EGPC-EGAS and Wood Mackenzie data
                                                                                                                     26
     Eni:
     integrated business presence in Egypt
              UNITED GAS DERIVATIVES CO.

              ! July 2000:
               Principles Agreement signed
Business
              ! October 2001:
integration    Shareholders Agreement signed
               by Eni, BP, GASCO

              ! April 2002:
               Start-up of Plant construction

              ! September 2004:
               First Gas-In

              ! November 2004:
               First Propane shipment


                                                27
     Eni: integrated gas project in Egypt

                DAMIETTA LNG PLANT
                ! November 2001:
Business         EPC Contract Award
integration     ! November 2002:
                 Start-up of Liquefaction Train
                 construction

                ! October 2004:
                 Plant Start-up (Gas-In)

                ! December 2004:
                 First LNG cargo

                ! March 2005:
                 Full commercial operations
                                                  S EGAS

                                                           28

								
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