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ENI's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Overall, we've added one 1.1 billion BOE of resource in 2011 building on our excellent track record in exploration over the past four years. We've also made good progress on our key project for medium term growth signing the GSAs and taking final investment decisions for Perla in Venezuela as one of our FID in the Yamal Peninsula in Russia.

We're pleased with the technically commercial progress on these developments which alongside would be yet other FIDs will contribute one other for 2,000 BOE a day our new production by 2015.

Another highlight of ENI's performance in 2011 was the quick operational recovery in Libya. While the turmoil in our largest producing country affected both volumes and results last year, our consolidated local relationships and experience have to contain the impact of the crisis. We were the only IOC to maintain some level of production in Libya during the revolution with local employees continuing to work at ____00:2;47___ and get production for domestic power generation exempt from international sanctions. And since the liberation of ______ in September, we've restarted all of our fields and reopened the GreenStream ramping up production faster than even we had anticipated.

Today, we're almost back to pre-crisis level and expect 2012 production from Libya of around 130,000 to 140,000 BOE per day compared to their 110,000 BOE per day reported for the full year 2011 and to 173,000 BOE per day in 2010.

Let's now turn to gas and power and then in petrochemicals. Follow all these businesses the market context in 2011 was difficult and we still a deterioration in the fourth quarter of the year as the sovereign debt crisis started to affect the European and particularly the Italian economy. This crisis spread across all our Italian businesses, in gas and power demand was down 11% in the quarter also due to mild weather. In R&M consumption of refined products declined by 5.5% in the quarter and for petrochemicals the second part of the year was the worst in the last 10 years.

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