Eni S.p.a. · MIL:ENI
Eni — Credit Suisse 2010 London Oil&Gas Conference
14 slides from Eni's conference presentation, Jun 10, 2010
Slide 1: Credit Suisse 2010 London Oil&Gas Conference
Credit Suisse 2010 London Oil&Gas Conference June 10th, 2010 eni.com
Slide 2: A focused set of priorities
a focused set of priorities Unlocking upside from 30 Bboe resources for profitable growth Legacy Legacy areas areas Giants Giants Exploration Exploration Africa, OECD, FSU Scale Balanced risk Established Cost effectiveness On shore & shallow relationship with Long lasting plateau water hos
Slide 3: Develop existing resources
develop existing resources New New organizational organizational model model operations development exploration Accelerate conversion of resources to reserves 3
Slide 4: Balanced portfolio leveraged to oil price
balanced portfolio leveraged to oil price 2009 2P reserves 2009 production 3% 8% 7% Africa OECD 57% FSU Other 25% Liquids Gas with price cap Gas (oil linked) Fuel gas Spot gas Onshore Deep Offshore Offshore Other conventional 4
Slide 5: Low cost per barrel
low cost per barrel 2009 opex/boe $/boe 10 OECD OECD Italy Italy Leading production Africa Africa FSU FSU costs in the industry 5 Other Other Exposure to Africa, Italy and FSU Continuing focus on cost efficiency 0 0 500 1,000 1,500 Production (kboed) 5
Slide 6: Rich portfolio of high return projects
rich portfolio of high return projects Capex 2010-2013 Bln € Production Optimization 37 IRR: >40% Payback below 24 months 4 26% Breakeven 32 @ WACC adj. 74% ~40$/bbl 2010-13 Development Exploration Growth IRR: ~20% Other 6
Slide 7: High visibility on organic growth
high visibility on organic growth Production profile to 2013 (kboed) Other Other 25% 25% ofof new new (near (near field field start-ups start-ups exploration) exploration) contribution contribution Low decline rate >2.5% CAGR Contribution Contribution 150 Visible and strong from from new new sta
Slide 8: Low depletion rate
low depletion rate Depletion 2009-2013* - by play Other Other (Arctic, (Arctic, LNG, LNG, Uncon.) Uncon.) 6.2% 6.2% Onshore Onshore Conventional Portfolio exposed to: Conventional 1.5% 1.5% Giant projects Young basins 0% Conventional plays Avg. eni portfolio ~-3% Depletion per region Afr
Slide 9: Solid pipeline of projects
solid pipeline of projects kboed 16 major projects for growth Peak Production 560 Project Country Op. Status Start-up 100% (kboed) FID Zubair Iraq FID 2010 2010 1,200 9% 2011 Perla and Junin 5 Venezuela FID 2010-11 2013 375 Iraq and Val D'Agri Ph. 2 Italy FID 2010 2010 42 Venezuela 24% Samburg
Slide 10: Leading value per barrel
leading value per barrel PV10 of P1 reserves* eni 2P NPV/boe by region $/boe $/boe 10 Avg @ 85$ 9.1$/boe 7.1 6.9 5.0 5.0 4.7 Avg. @ 65$ 6.4 $/boe 4.1 4.0 5 il i BP ps l n l En el ob ta ro Sh lli To M ev hi on oP Ch 0 x c Ex no North Africa West Africa OECD Other Co * 2009 SEC @ 59.9$/bbl scenario 10
Slide 11: Unlocking upside
unlocking upside Focus on fast-track conversion of resources to reserves short time-to-market cost effective low risk 2010-2013 replacement ratio > 120% 11
Slide 12: From resources to reserves
from resources to reserves Resources Exploration potential >8 Bboe P3 + Contingent >9 Bboe risked exploration Vast project development opportunities: Exploration strategy: Kashagan Phase 2 70% near field/proven basins Hubs block 15/06 30% frontier/new plays Kutei basin CBM Hadria
Slide 13: Organized to maximise value, growth and upside
organized to maximise value, growth and upside North Africa Sub-Saharan Americas Southern Central Asia and Middle Africa Russia and Europe and Far East East Northern Europe G. Michelotti R. Casula M. Alverà G. Tannoia M. Mondazzi Value Operations A. Vella Growth Development A. Panza Upside Explorati
Slide 14: Looking ahead
looking ahead Focus Focus on on New plays: pre-salt Africa onshore and offshore conventional conventional Domestic gas valorization Tar sands in West Africa Synergic Synergic Shale gas in North Africa/East Europe unconventional unconventional CBM in the Pacific area 14