The New Millennium

An Energy Company

Eni's main strategic objectives for the coming years are:

• Growth in core business
• Continue the integration of core activities
• Focus on operating efficiency
• Developing proprietary technologies to support Eni's growth process
• Maximize return for shareholders

2000 British Borneo acquisition. Agreements for the development of oil and gas fields in Iran

2001 Lasmo acquisition: Lasmo's daily production in 2001 (201,000 boe) up 6%on 2000. This operation strengthens Eni's position in key areas, such as North Sea and North Africa, and also establishes a significant presence in Asian Market and Venezuela.
Kazakhstan. Eni is named sole operator of the North Caspian Sea project in the Kazakh Offshore

2002 February 1, 2002: Eni absorbs Snam. The new Gas & Power division manages gas and power activities in Italy and abroad.

2003 January 1st: AgipPetroli is merged into Eni. The new Refining and Marketing Division will manage refining and marketing activities in Italy and abroad.

On the 27th of January, the public offer for all the ordinary shares of Italgas SpA, Eni already owned 44% of the share capital, was concluded positively. The transaction, approved by the Board of Directors on November 25th and launched on December 16th, 2002, gives Eni to 100% control of the company. Italgas, with 7 million customers and 2001 gas sales of approximately 12 billion cubic meters, is one of the largest retail distributors in Europe.

2004 February: Eni starts again upstream activities in Saudi Arabia where it had operated in the early 1970s.

2004 February: the development plan of Kashagan, the giant field in the Kazakh offshore of Caspian Sea, was approved. Production plateau is targeted at 1.2 million bbl/d with a planned expenditure of US dollar 29 billion (5.4 billion being Eni's share).

2004 October: Start up of the Western Libyan Gas Project, the first major project to valorize the gas produced in Libya through export and marketing in Europe.

2004 December: the Damietta LNG (Liquefied Natural Gas) plant, constructed by Union Fenosa Gas (Eni's interest 50%), started production for the Egyptian natural gas export and sale.

2005 August: one year after the start-up of the Wafa onshore field, the first well in the offshore Bahr Essalam gas field came onstream within the integrated Western Libyan Gas project.

2005 August and September: Eni acquired the exploration license for 104 blocks onshore and offshore Northern Alaska for a total acreage of 1,718 square kilometers and the exploration license for two blocks located onshore and offshore India for a total acreage of 14,445 square kilometers.

2006 February: Eni defines the sale of Snamprogetti to Saipem. The integration of Saipem and Snamprogetti will create a world leader in engineering and oilfield services constructions, both onshore and offshore.

2006 June: Eni and its partners signed a framework agreement for doubling the capacity of the Damietta liquefaction plant in Egypt by means of the construction of a second train with a treatment capacity of 7.6 bcm/y of gas equal to approximately 5 mmtonnes/y of LNG.

2006 June: Eni agreed with the Turkish company çalik Enerji a project for the construction of an oil pipeline linking the Turkish coast of the Black Sea at Samsun with the Ceyhan commerciai hub on the Mediterranean coast.

2006 14 November: Eni and Gazprom signed in Moscow an agreement that sets up an international alliance enabling the two companies to launch joint projects in the mid and downstream gas, in the upstream and in technological cooperation.