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NO

9 January 2012

Eni Norge consolidates in the Barents Sea

The Havis discovery serves to consolidate Eni Norge’s position in the Barents Sea,  where the company will be the first operato of a producing oil field when Goliat comes on stream in 2013.

With its 30% share in Havis  (where Statoil is operator with 50% and Petoro 20%), Eni Norge is very pleased to be part of another major oil and gas discovery in PL532.

The Havis well is located 7km SW of the Skrugard discovery and 200km north of the coast of Finnmark. Preliminary estimates indicate that the discovery contains between 190 and 315 million barrels of recoverable oil equivalents, of which approx. 4-6  GScm is associated and free gas.

Together with the Skrugard discovery, made in April 2011, recoverable oil reserves within PL532 amount to about 500 Mbbl, giving the licence the opportunity to plan for a rapid and cost-effective development of the discoveries.

The Havis discovery consolidates Eni Norge’s long-term strategy in the Barents Sea, where the company has been a leading player since the 1980s.

With Goliat, Skrugard and Havis in our portfolio, Eni Norge now has a 30-year perspective on the Barents Sea. This represents a major addition to the company’s assets on the NCS and provides us with a strong foothold in the early phase of this emerging hydrocarbon province.

In 2013, Eni Norge will become the first operator of a producing oil field in the Barents Sea. The Goliat FPSO is currently under construction, and in the autumn of 2012 the company will start drilling the first of 22 production wells.

In 2012, Eni Norge also plans to carry out more exploration activity in the Barents Sea as operator of PL529 (Bønna prospect) and PL533 (Salina prospect).

Eni Norge is part of the Italian major integrated energy company Eni, having activities in more than 70 countries.