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Eni's CEO Hosts 2012-2015 Strategy Presentation Call (Transcript)

Let’s now take a closer look at our upstream growth profile. Between now and 2015, we will add around 700,000 BOE per day of new production through, over 60 major start-ups including three of our fields in the Yamal peninsula in Siberia, Goliath in Norway, Perla and Junin 5 in Venezuela, block 1506 in Angola and of course Kashagan, which we’re on track to start-up by the end of 2012.

Of the total new production which will come on stream by 2015, around 70% comes from exploration. What the remaining 30% comes from the acquisition of underdeveloped resources, in particular, our fields in the Yamal peninsula and Junin 5.

This solid pipeline of projects will lead to average production growth of at least 3% a year to 2015. At our planned scenario of $90 per barrel for 2012 and 2015 and $85 per barrel thereafter and normalizing 2011 production for the Libya impact. Increased scale and the focus on oil compared to gas over the plant period, we drive an increase in cash flow per barrel of about 10% to 2015.

Looking beyond 2015, following the discovery in Mozambique, we have raised our long-term growth target from 2% to 3% a year. Africa, we continue to be the backbone of our production and growth in the next 10 years driven by growth in Angola, the start-up of Mozambique expected by 2018 and further exploration potential in existing and new countries including Ghana and Togo.

Meanwhile, in North Africa, production will continue to be resilient with very low natural decline. Our other key growth hubs will be Russia, where between 2015 and 2021, we will start-up two more Yamal Giants in the same peninsula where we will start the first (inaudible) in 2012.

Kashagan, with the ramp up of – excuse me, Kazakhstan with ramp-up of Kashagan and further potential from our development of Karachaganak. And thirdly, Venezuela, where he full field development of Perla and Junin 5 will contribute around 880,000 barrels per day of production by 2021.

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