press release

Eni successfully completes the appraisal of the K2 field in the deepwater Gulf of Mexico

The following news release was issued by Eni SpA

Eni has successfully completed the appraisal of the K2 field in the deepwater of the Gulf of Mexico, 290 kilometre south of New Orleans, in the Green Canyon Block 562. Eni is the operator of the field with a 18.2% stake. Other partners are Anadarko Petroleum Corporation (52.5%), Conoco (16.8%) and Unocal Corporation (12.5%).

The well was drilled by Agip Petroleum, Eni's American subsidiary, at a water-depth of 1,100 meters with a total depth of 7,800 meters. The drilling's results increased estimated reserves to more than 100 million barrels and will enable an early start of production in 2004.

With this success Eni further strengthens its presence in the Exploration and Production activities in the deepwater Gulf of Mexico a very promising and challenging area. Here the company is involved in high-tech projects in five production fields (in three of them Eni is the operator) and it is currently taking part in the development of other discoveries. Eni's current production in the Gulf of Mexico is above 60,000 barrels of oil per day and it will reach 73,000 in 2005.

Updated: September 2002