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Oil and Natural Gas Reserves

Estimated net proved reserves at December 31, 2014 amounted to 6.6 bboe based on a reference Brent price of $101 per barrel. The reserves replacement ratio was 112%. The reserves life index was 11.3 years (11.1 years in 2013).


  • Proved Reserves Proved Reserves
  • Proved undeveloped reserves Proved undeveloped reserves

Eni’s estimated proved reserves were determined taking into account Eni’s share of proved reserves of equity-accounted entities
Additions to proved reserves booked in 2014 were 654 mmboe and derived from:

  • revisions of previous estimates were 524 mmboe mainly reported in Libya, Italy, Kazakhstan and Congo due to contractual revisions, continuous development activities and field performances;
  • extensions and discoveries were up by 124 mmboe, with major increases booked in Ghana, Indonesia, the United States and Congo following new project sanctions and proved area extensions;
  • improved recovery were up by 6 mmboe mainly reported in Algeria and Kazakhstan.

These increases compared to production of the year yielded an organic reserves replacement ratio of 112%.
Price effects were negligible, leading to an upward revision of 33 mmboe, due to a lowered Brent price used in the reserves estimation process down to $101 per barrel in 2014 compared to $108 per barrel in 2013.

Sales of mineral-in-place mainly related to the divestment of assets in Nigeria (down 7 mmboe) and the United Kingdom (down 1 mmboe). Purchases of minerals-in-place referred mainly to interests in assets located in the United Kingdom (up 4 mmboe).

In 2014 Eni achieved an all sources reserves replacement ratio of 112%. Reserves life index was 11.3 years (11.1 years in 2013).

Proved undeveloped reserves as of December 31, 2014 totalled 3,169 mmboe, of which 1,333 mmboe of liquids mainly concentrated in Africa and Kazakhstan and 10,083 bcf of natural gas mainly located in Africa and Venezuela. Proved undeveloped reserves of consolidated subsidiaries amounted to 1,230 mmbbl of liquids and 6,466 bcf of natural gas.

In 2014, total proved undeveloped reserves increased by 61 mmboe mainly due to:

  • discoveries and extensions (up by 109 mmboe), in particular in Ghana and Indonesia associated to new project sanctions and proved area extensions;
  • revisions of previous estimates (up by 173 mmboe) mainly reported in Libya, Nigeria, Angola, Italy and Norway due to contractual revisions, development activities and field performance;
  • divestments (down by 4 mmboe) in Nigeria;
  • reclassification to proved developed reserves (down by 217 mmboe).

During 2014, Eni converted 217 mmboe of proved undeveloped reserves to proved developed reserves due to the progress of development activities and production start-ups. The main reclassifications to proved developed reserves are related to the following fields/projects: Hadrian South and Nikaitchuq (United States), A-LNG and Sangos (Angola), Karachaganak (Kazakhstan).

In 2014, capital expenditure amounted to approximately €2.3 billion and was made to progress the development of proved undeveloped reserves.
Reserves that remain proved undeveloped for five or more years are a result of several factors that affect the timing of the projects development and execution, such as the complex nature of the development project in adverse and remote locations, physical limitations of infrastructures or plant capacity and contractual limitations that establish production levels.

The Company estimates that approximately 1 bboe of proved undeveloped reserves have remained undeveloped for five years or more with respect to the balance sheet date, mainly related to:

  • the Kashagan project in Kazakhstan (approximately 0.5 bboe), which will be progressively reclassified to proved developed as a result of hooking-up new producing wells which are currently being drilled and plant capacity expansion as part of the completion of the sanctioned Phase 1 of the global development plan of the Kashagan field (the so-called Experimental Program);
  • some Libyan gas fields (0.4 bboe) where development completion and production start-ups are planned according to the delivery obligations set forth in a long-term gas supply agreement currently in force. In order to secure fulfilment of the contractual delivery quantities, Eni will implement phased production start-up from the relevant fields which are expected to be put in production over the next several years;
  • the Goliat project in Norway and other minor projects where development activities are progressing.

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Last updated on 30/04/15