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Festival-goers at Electric Picnic. Are you one of those heading down? Top tips TheJournal. Hannah Popham has some recommendations for those who want to stray from the Main Stage: And try to catch as much of the Other Voices tent as possible; it always has really good surprise acts at night time. Also bring a couple of cheap ponchos. If your tent starts leaking, you can rip the poncho down one side so you have a large plastic sheet that you can throw over the top of it.
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The drivers to target the increase and valorization of discovered resources are: Cash generation will be driven by: Cape Three Points license Eni operator with a Eni acknowledges that the upstream performance could be adversely impacted in the short-to-medium term by a number of risks: Eni is planning to mitigate this risk by focusing on financial discipline.
In plan period, Eni plans capital expenditure net of exchange rate effects substantially in line versus the previous four-year plan due to the re-phasing of projects yet to be sanctioned with a lower production contribution and. In addition, to maintain suitable financial flexibility, the plan provides for a significant amount of uncommitted capex; ii the political risk due to social and political instability in certain countries of operations. The business sustainability in the short-to-long-term remains a key factor to achieve the strategic goals also through the increasing stakeholders engagement and continuous relations with local Authorities and including: The Company has adopted comprehensive classification criteria for the estimate of proved, proved developed and proved undeveloped oil and gas reserves in accordance with applicable US Securities and Exchange Commission SEC regulations, as provided for in Regulation S-X, Rule Proved oil and gas reserves are those quantities of liquids including condensates and natural gas liquids and natural gas which, by analysis of geo-science and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain.
Oil and natural gas prices used in the estimate of proved reserves are obtained from the official survey published by Platt's Marketwire, except when their calculation derives from existing contractual conditions. Prices are calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the month period prior to the end of the reporting period. Prices include consideration of changes in existing prices provided only by contractual arrangements. Engineering estimates of the Company's oil and gas reserves are inherently uncertain.
Consequently, the estimated proved reserves of oil and natural gas may be subject to future revision and upward and downward revisions may be made to the initial booking of reserves due to analysis of new information. Proved reserves to which Eni is entitled under concession contracts are determined by applying Eni's share of production to total proved reserves of the contractual area, in respect of the duration of the relevant mineral right. Proved reserves to which Eni is entitled under PSAs are calculated so that the sale of production entitlements should cover expenses incurred by the Group to develop a field Cost Oil and on the Profit Oil set contractually Profit Oil.
A similar scheme applies to service contracts. Eni retains rigorous control over the process of booking proved reserves, through a centralized model of reserves governance. When participating in exploration and production activities operated by others entities, Eni estimates its share of proved reserves on the basis of the above guidelines. The process for estimating reserves, as described in the internal procedure, involves the following roles and responsibilities: He has more than 25 years of experience in the oil and gas industry and more than 15 years of experience in evaluating reserves.
Staff involved in the reserves evaluation process fulfils the professional qualifications requested by the role and complies with the required level of independence, objectivity and confidentiality in accordance with professional ethics. Reserves Evaluators qualifications comply with international standards defined by the Society of Petroleum Engineers. Since , Eni has requested qualified independent oil engineering companies to carry out an independent evaluation 3 of part of its proved reserves on a rotational basis.
The description of qualifications of the persons primarily responsible for the reserves audit is included in the third party audit report 4. In the preparation of their reports, independent evaluators rely, upon information furnished by Eni without independent verification, with respect to property interests, production, current costs of operations and development, sale agreements, prices and other factual information and data that were accepted as represented by the independent evaluators.
In order to calculate the net present value of Eni's equity. With respect of these criteria, Eni revised its geographic area information showing also the Egypt for the and full-years. As of December 31, , the principal Eni property, which did not undergo an independent evaluation in the last three years, was Blacktip Australia. Eni's net proved reserves were determined taking into account Eni's share of proved reserves of equity-accounted entities. Movements in Eni's proved reserves were as follows: Net proved reserves as of December 31, were 6, mmboe, of which 6, mmboe of consolidated subsidiaries.
Organic additions to proved reserves were mmboe. These additions were partly offset by the reclassification of million boe of proved undeveloped reserves at the Perla gas project in Venezuela to the unproved category in accordance with the applicable US SEC regulation. Net organic additions in were mmboe and derived from: All sources additions were marginally impacted by unfavourable price effect, leading to a downward revision of 7 mmboe, due to an increased. Proved undeveloped reserves as of December 31, totalled 2, mmboe, of which 1, mmbbl of liquids mainly concentrated in Africa and Asia and 8, bcf of natural gas mainly located in Africa.
Proved undeveloped reserves of consolidated subsidiaries amounted to 1, mmbbl of liquids and 7, bcf of natural gas. Movements in Eni's proved undeveloped reserves were as follows: All sources ratio includes sales or purchases of minerals in place. The Reserves Replacement Ratio is not an indicator of future production because the ultimate development and production of reserves is subject to a number of risks and uncertainties. These include the risks associated with the successful completion of large-scale projects, including addressing ongoing regulatory issues and completion of infrastructure, as well as changes in oil and gas prices, political risks and geological and environmental risks.
In , total proved undeveloped reserves decreased by mmboe mainly due to: During , Eni converted mmboe of proved undeveloped reserves to proved developed reserves due to the progress of the development activities, production start-ups and project revisions. Most proved undeveloped reserves are converted to proved developed reserves within five years.
Reserves that remain proved undeveloped for five or more years are a result of several physical factors that affect the timing of the projects development and execution, such as the complex nature of the development project in adverse and remote locations, physical limitations of infrastructures or plant capacity and contractual limitations that establish production levels. The Company estimates that approximately 1 bboe of proved undeveloped reserves have remained undeveloped for five years or more at the balance sheet date, mainly related to: Zubair is an infrastructure-driven large scale project, where the development of PUDs has been conditioned by the completion of such infrastructures.
Eni's planned conversion activities contemplate the drilling of additional production and injection wells to be linked to the facilities currently in place; iii the Junin 5 field in Venezuela 0. Eni, through consolidated subsidiaries and equity-accounted entities, sells crude oil and natural gas from its producing operations under a variety of contractual obligations. Some of these contracts, mostly relating to natural gas, specify the delivery of fixed and determinable quantities.
Eni is contractually committed under existing contracts or agreements to deliver in the next three years mainly natural gas to third parties for a total of approximately mmboe from producing assets located mainly in Algeria, Australia, Egypt, Indonesia, Libya, Nigeria, Norway and Venezuela.
The sales contracts contain a mix of fixed and variable pricing formulas that are generally indexed to the market price for crude oil, natural gas or other petroleum products. Management believes it can satisfy these contracts from quantities available from production of the Company's proved developed reserves and supplies from third parties based on existing contracts. Eni has met all contractual delivery commitments as of December 31, Estimated net proved hydrocarbons reserves.
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This performance was driven by new project start-ups and the ramp-ups at fields started up in , mainly in Angola, Egypt, Ghana, Indonesia and Kazakhstan as well as by restarting production at certain Libyan fields thanks to better safety conditions. These positive results were partly offset by OPEC production cuts, negative price effects at PSAs contracts and lower production as a result of planned and unplanned shutdowns in Norway, the United Kingdom and the Gulf of Mexico, as well as declines from mature fields.
Price effect, OPEC cuts and shutdowns. Start-ups and ramp-ups of producing assets in Indonesia and Egypt and the increasing production in Libya were partly offset by shutdowns, mature fields decline and price effect. Oil and gas production sold amounted to The Oil and natural gas production a b. In , oil and gas productive wells were 9, 3, In particular, oil productive wells were 6, 2, Productive oil and gas wells a. Productive wells are producing wells and wells capable of production.
One or more completions in the same bore hole are counted as one well. In , a total of 25 new exploratory wells were drilled The following tables show the number of net productive, dry and in.
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Exploratory Well Activity. In , a total of development wells were drilled The decrease in the number of development wells year-on-year reflects the finalization of certain large projects in , which. The drilling of 49 development wells Development Well Activity.
In , Eni performed its operations in 46 countries located in five continents. Developed acreage was 31, square kilometers and undeveloped acreage was , square kilometers net to Eni. In , changes in total net acreage mainly derived from: Morocco, Mexico and Oman for a total acreage of approximately 97, square kilometers; ii the total relinquishment of licences mainly in Kenya, Pakistan, Ukraine, Norway, the United Kingdom, Egypt and the United States covering an acreage of approximately 6, square kilometers; iii interest increase mainly in Kenya and Australia for a total acreage of approximately 6, square kilometers; and iv partial relinquishment in Indonesia, Gabon, Egypt and Pakistan or interest reduction mainly in Mozambique and Egypt for approximately 6, square kilometers.
Oil and natural gas interests. The resumption of the plant's operational activities follows approval from the relevant Authorities confirming the functionality of the plant and the presence of all necessary safety conditions. The shutdown of the plant occurred on April 18, For further information, see also Note No. During the year, ten projects of the 35 projects launched as part of the Addendum to the agreement memorandum with the Basilicata Region were completed, with environmental and social initiatives as well as programs for sustainable development.
In addition, school-work alternation projects and first-level apprenticeship were launched. Activities defined by the Gas Agreement progressed with a grant to support the gas consumption in the Municipalities of Val d'Agri and for energy efficiency programs. Development activities in the Adriatic offshore concerned: Following the Memorandum of Understanding for the Gela area, signed with the Ministry of Economic Development in November , the Argo and Cassiopea offshore development projects progressed.
Projects were submitted to the relevant Authorities and planned an optimization activities aiming to reduce environmental impact. The plan provides significant synergies with the Gela Refinery leveraging on the recovery of certain areas already reclaimed for the construction of gas treatment plants.
This program is subject to the authorization of the relevant Authorities. In addition, within the framework of sustainable local development programs defined by Memorandum of Understanding and in agreement with the Municipality of Gela and the Sicily Region were: Norway Exploration activities yielded positive results with: The well is located nearby to the Johan Castberg developing project in the area.
The Kayak discovery is expected to retain million boe in place. The project is located in the Barents Sea and is expected to retain approximately million boe in place. Start-up is expected in Development activities mainly concerned: The agreement received all the necessary authorizations required by the country. In December , Eni and Sonatrach the State oil company signed a Memorandum of Understanding for the development project in the renewables sector. The agreement includes the feasibility studies to build solar power production units in the selected production areas operated by the state company.
In addition, during the year the development activities started for the construction of a 10 MW photovoltaic plant to supply power generation to the Bir Rebaa North field in the Block as defined by the agreement. Development activities concerned: The development plan foresees drilling and completion of ten production wells.
The upgrading activities of the compression capacity of Wafa plant progressed to support natural gas production. In March , Eni signed a Memorandum of Understanding to promote health and education initiatives of local communities. In particular, two starting programs were defined: In addition, Eni is committed in other programs to support local communities in the country: The discoveries were already linked to the existing production facilities in the area.
The agreements concerned the sale of: The transaction is subject to the fulfillment of certain conditions and all necessary authorizations from Egypt's Authorities. The development plan of the Zohr field includes the construction of additional seven treatment trains that will support production ramp-up to achieve a production plateau of approximately 2. Development activities progressed with drilling activities to start-up 20 planned production wells, of which 6 wells already drilled, and the construction of treatment facilities.
The field is estimated to have over 30 tcf gas in place approximately 5. The capital expenditure of the four-year plan for the production ramp-up of the Zohr field will be financed with the operating cash-flow at the Eni Brent marker scenario. As of December 31, , Eni's proved reserves booked for the Zohr field amounted to mmboe. Within the social responsibility initiatives, the renovation of the El Garabaa hospital and the supply of necessary medical equipment were completed.
The hospital is located nearby Zohr onshore production facilities. The agreement, which integrates the development activities, is aimed at implementing certain socio-economic and health programs of local communities in the next four years, in particular in the Zohr and Port Said areas. The defined initiatives concern three main areas: In , a hospital and a youth center will be built in the south-western area of Port Said; the start-up of activities to build an aquaculture center nearby to the Zohr onshore plants.
Other development activities concerned: The block is located in an oil basin few explored in the north of the country, where Eni will leverage on the mining knowledge acquired in exploration and development activities progressed in nearby areas of the Republic of Congo. In particular, the MoU includes programs in the downstream business, exploration activities, development of associated and non-associated gas and renewable energy sector.
The development plan includes water and gas injection wells in line with the zero flaring policy and zero water discharge. In November , Eni signed extension exploration rights of the block until This agreement will grant to Eni to exploit the full near-field exploration potential in a fruitful area. Development activities carried out in are: Eni also continues its commitment to support socio-economic development in the southern region of the country.
In particular, the ongoing initiatives, defined with the Ministry of Energy and Water Resources, the Ministry of Health and local communities, concerned: Finally, Eni supports the program aimed at demining and improving rural areas, particularly in the south of the country. Planned development activities include the drilling of additional production wells with start-up expected in and the construction of a sealine for the linkage to Litchendjili hub in the block Marine XII.
The development activities of the area include natural gas and produced water re-injection as well as the use of gas production for the power generation in order to achieve zero routine flaring. Furthermore, Eni is also committed to protecting the country's biodiversity. The activities of the second phase of the Project Integrated Hinda PIH were started, aiming to improve life condition of local communities nearby to the M'Boundi, Kouakouala, Zingali and Loufika producing areas.
The planned project includes certain initiatives to support socio-economic development of local communities with economic programs for a diversification purpose, primary education, access to water and health initiatives. In addition, a project for the construction of renewable energy training and research center started in Oyo, in the north of the country. The OCTP project start-up was achieved in just two years and a half as well as three months earlier than scheduled and with a record time-to-market.
Start-up is expected by mid The OCTP project is the only non-associated gas development project in. This project will ensure at least 15 years of reliable gas supply with an affordable price, significantly supporting the access to energy and economic development of the country. The project has been developed in compliance with the highest environmental requirements, zero gas flaring and produced water re-injection, including the Performance Standards on Environmental and Social Sustainability of the International Finance Corporation IFC , which is part of the World Bank Group.
Eni progressed its commitment to support local communities in the western region of the country, nearby the operated OCTP project. In particular, the ongoing initiatives concerned: Healthcare initiatives continue to increase access to mother and child health services.
Projects progressed to develop renewables power plant, particularly the photovoltaic plant. Eni continues to lead the Coral South FLNG project and all upstream operations in Area 4, while ExxonMobil leads the construction and operation of natural gas liquefaction facilities onshore. This operating model enables the use of best practices and skills within Eni and ExxonMobil with each company focusing on distinct and clearly defined scopes while preserving the benefits of a fully integrated project.
The development activities of the Coral South project provides for the installation of a floating unit for the treatment, liquefaction and storage of natural gas FLNG with a capacity of approximately 3. During the , the planned activities were started and the following agreements were signed: In December , the financing agreement was closed and subscribed by 15 major international banks and guaranteed by 5 Export Credit agencies; and iii agreements with the Mozambican government for the regulatory framework of the project.
Other development activities concerned the Mamba project according to its independent industrial plan, coordinated with the operator of Area 1 Anadarko. In the Cabo Delgado and Maputo areas, Eni engaged a significant program to support population, including access to energy, access to water, health and sanitation, as well as education and training activities. In particular, the cooperation agreement includes: In particular, in the year, the tie-in of production wells and the upgrading of existing treatment plants were completed.
Programs progressed to support the local community in Nigeria, with initiatives in the access to off-grid energy, water and primary education; economic programs for diversification purposes with the ongoing Green River Project; professional training and scholarship programs as well as renovation and construction of health centers and supply of medical equipment. In February , Eni signed with the Food and Agriculture Organization FAO a collaboration agreement to foster access to safe and clean water in Nigeria by drilling boreholes powered with photovoltaic systems, both for domestic use and irrigation purposes.
Eni holds a In , the Bonny liquefaction plant processed approximately 1, bcf. I n , Eni signed a number of strategic cooperation agreements in the upstream and renewable energy sectors in the country. In addition, Eni and KMG signed an agreement to further expand upstream technology co-operation and evaluate potential joint developments in new projects.
The agreement includes technical and managerial training programs for local staff. Caspian Basin recording certain significant oil discoveries. In addition, Eni and General Electric GE signed with the Minister of Energy of the Republic of Kazakhstan an agreement to promote the development of renewable energy projects in the country. In particular, Eni and GE will co-operate to evaluate the construction of a wind power plant with approximately 50 MW capacity and further future initiatives.
Kashagan Ramp-up and stabilized production of the Kashagan field Eni's interest The studies for the improvement of the CC01 gas re-injection project progressed. The project targets to install a new compressor unit to increase an additional gas re-injection capacity to support production ramp-up. This capitalized amount included: As of December 31, , Eni's proved reserves booked for the Kashagan field amounted to mmboe, slightly increased from Karachaganak Within the gas treatment expansion projects of the Karachaganak field Eni's interest Additional re-injection capacity will be ensured by installing a re-injection facility that will be added to the existing ones.
Eni continues its commitment to support local communities in the nearby area of Karachaganak field. In particular, activities focused on: Moreover, following the re-definition of the Sanitary Protection Zone SPZ associated to the ongoing development projects and according to the international standards and best practices, a project of relocation of the inhabitants, which started in , from Berezovka and Bestau villages was completed.
Eni continues to conduct monitoring activities on biodiversity and ecosystems in the nearby of the production areas. Indonesia Exploration activities yielded positive results with the. Natural gas production is processed by the FPU and then delivered by pipeline to the onshore plant, which is linked to the East Kalimantan transport system to feed Bontang liquefaction plant.
The LNG is sold under long-term contracts, partly to state company Pertamina and to Eni, which will sell over 11 million tonnes for 15 years as part of the supply agreement signed with the Pakistan LNG state company. Ongoing initiatives and projects progressed in the field of environmental protection, health care and educational system to support local communities located in the operated areas of the Eastern Kalimantan, Papua and North Sumatra.
Eni submitted an integrated development plan all of three discoveries located in the Area 1 block to the relevant Authorities. The new blocks are closed to Area 1 block and, in the case of a successful exploration campaign they will allow significant operational synergies. The contract award is subject to approval from the authorities. The development activities provide for the drilling and completion of three subsea production wells and linkage to the existing facilities in the area. Development expenditures in Italy in particular concerned the activities of the Viggiano oil center in the Val d'Agri concession for further information see Main exploration and development projects - Italy as well as sidetrack and workover activities in mature fields.
A total of 5 new patents applications were filed. LNG supply contract in Pakistan. Rationalization of Eni's gas retail business portfolio in Europe. The transaction is subject to the approval by the relevant authorities. Renegotiation of gas supply portfolio. In , Eni confirmed the renegotiation strategy for long-term gas supply contracts in order to align the price and volume. The revision of contractual clauses, cost efficiencies and logistic optimization.
Economic and financial growth will leverage a: Eni operates in a liberalized market where energy customers are allowed to choose the gas supplier and, according to their specific needs, to evaluate the quality of services and offers. Overall Eni supplies approximately 8. Households, professionals, small and medium-sized enterprises and public bodies located all over Italy are approximately 7. In a trading environment characterized by a slight recover in. Gas volumes supplied outside Italy from consolidated subsidiaries This reflected lower volumes purchased in the Netherlands down by 4. Supplies in Italy 5.
Supply of natural gas. In , main gas volumes from equity production derived from: In characterized by a raising competitive pressure and a slight recovery in demand, natural gas sales amounted to Sales in Italy Lower sales to spot market, volumes sold to small and medium-sized enterprises segment and to services sector were offset by the higher sales to thermoelectrical segment.
Sales to importers in Italy 3. Sales in the European markets amounted to Sales in the Extra European markets decreased by 0. In , LNG sales In , power generation was Electricity trading Power sales. In , power sales of Compared to , power sales marketed in the free market decreased by 0. This result benefitted from the initiatives implemented over the last years, which were designed to improve the.
The marketing business reported a positive performance driven by the effective commercial initiatives, which supported the premium segments. Taranto refinery, partly offset by a better performance of Milazzo and Livorno refineries. OUTLOOK Looking forward, we expect an ongoing rebalancing of fundamentals in the oil market to consolidate in the next years, due to the sharp slowdown in capex for new initiatives during the downturn and steady growth in demand.
Upstream Adjusted operating profit doubled vs. Hydrocarbon production at record level 1. Zohr development Achieved production start-up at the super-giant Zohr gas field in record time-to-market: Exploration resources In added 1 bln boe of new resources, of which 0. Exploration portfolio Reloading of approximately 97, square kilometers of new acreage: Coral project Sanctioned by the partners the development project for the exclusive reserves in Area 4 in Mozambique amounting to 16 TCF in place.
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International development in the Chemical business Completed, in South Korea, the construction of the industrial complex for production of premium elastomers, leveraging on Versalis technology and through the OPEC strategy addressing scenario Expected cuts in and subsequent market control strategy by OPEC will support in , driven also by widespread geopolitical crisis, primarily in Venezuela where production levels reached thirty years ago level.
A better context in the mid-downstream industry In Europe the rationalization process started in until the end of , with margins and commodity demand recovery. New training and continuing education initiatives as well as HSE awareness programs have been developed. Eni is engaged in maintaining a high safety standard in each of its operations. This performance was driven. In December , production reached 1. From , we discovered over 4 billion boe, approximately double of equity production in the same period.
The first data collection marks a promising gas discovery and confirms the extension of the Zohr like play.