Of the key reason why ENI is stronger now than a year ago is the success of our restorations in Norway, West Africa and Mozambique, which will drive our strong growth to 2021 and beyond.

Turning now to our medium downstream businesses, over the last year, we have taken further steps to increase our competitiveness in what remains a challenging market contest. In gas and power, we’ve concluded contra-renegotiations with two of our main suppliers, Sonatrach and Gazprom. We re-leverage on our improved cost and flexibility to continue to build out European market to print. A strategy which will position us well to recover profitability as the market tightens.

In R&M and chemicals will further stream-lined our operations and have targeted additional cost savings and optimizations in each business. In chemicals in particular, we’re also targeting a number of initiatives, which will significantly improve our competitiveness.

Let me now take you through our strategy and targets in more detail. In E&P, our consistent track record of exploration success over the past year is the key driver of our growth. While 2011 has been an extraordinary year in terms of the size and potential on our new discoveries, it is not an outlier in terms of results. Over the past four years, we have discovered around 4 billion BOE of new resources almost double our cumulative production of 2.5 billion BOE with the progressive strengthening of our resource base to 32 billion BOE.

Meanwhile with unit exploration cost of around $1.7 per barrel over the past four years, our exploration success supports our capacity to deliver sustainable returns on new projects and our almost ENI oil price scenario, and then IRR in excess of 20% at our planned scenario of $90 for 2012 and 2013 and 85 thereafter.

Our consistence performance confirms the effectiveness of our exploration strategy with this focus on proven basis and a select number of high potential frontier teams. Building on the success over the next four years, we will increase our exploration efforts to further strengthen the basis of our long-term growth.

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