Source Pravda.Ru

Eni Strengthens Position As Number One In Mediterranean

Eni consolidated its position as a leading oil and gas company in the Mediterranean Sea with the signature of an agreement for the development of the gas reserves discovered offshore of Croatia, after an intense exploration campaign. The exploration activities, carried out by the joint venture INAGIP, led to the discovery of reserve of 20 billion cubic meters of gas (120 million barrels of oil equivalent), found in the fields of Ivana, Ika, Ida, Annamaria and Marica. Total investment in the project is about 320 million euro. Production will start at the end of 2004.

The fields' development will entail the drilling of 18 directional wells, the construction and the installation of 9 platforms at a water depth of 60 meters and the laying of underwater sealines for a total length of 120 kilometers. The adopted development scheme offers the greatest operative flexibility and will enable Eni and Ina to ship their equity production in the most profitable markets.

"The project is in line with the growth targets set by Eni's Strategic Plan for production and reserves replacement - Mr. Vittorio Mincato, Chief Executive Officer of Eni, said. The development of gas reserves in the offshore of Croatia will benefit from great synergies with the plants already existing in the Ravenna's offshore and its industrial area. This joint initiative will enable to expand the use of natural gas in the Croatian market and at the same time will establish a link for the future transport of gas from Italy to Croatia."

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