Gulf Oil and Gas accountACCOUNT

Eni acquires additional interest in Alaska’s Nikaitchuq field

Source: www.gulfoilandgas.com 4/11/2007, Location: North America

Eni acquired 70% and the operatorship of the Nikaitchuq Field, located on-offshore in the North Slope of Alaska. Eni, which already owned a 30% stake in the field, now retains the 100% working interest.

Eni acquired the additional interest and operatorship as the result of an agreement with Kerr-McGee Oil and Gas Corporation, a wholly owned subsidiary of Anadarko Petroleum Corporation.

Nikaitchuq would be the first development project operated by Eni in Alaska. Successful appraisal drilling has been completed, confirming the potential viability of the development project.

Plans for a phased development are currently being evaluated with the target of sanctioning the project by year end, and first oil to flow by the end of 2009.

The Nikaitchuq project comprises the drilling of approximately 80 wells, out of which 32 are located onshore and the remaining from an offshore artificial island.

All wells will then be tied back to a production facility located at Oliktok Point to reach a production of 40,000 b/d. Total investment will amount to approximately US$ 900 million.

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