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Oil and Natural Gas Reserves

Estimated net proved reserves at December 31, 2012, were 7,166 bboe based on a 12-month average Brent price of $111 per barrel.

  • 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 2012 were 953 mmboe (including the impact of gas conversion factor update equal to 40 mmboe) and derived from:

  • revisions of previous estimates were 576 mmboe mainly reported in Venezuela, Kazakhstan, Nigeria and Egypt;
  • extensions, discoveries and other factors were 349 mmboe, with major increases booked in Venezuela, Kazakhstan and Angola;
  • improved recovery were 28 mmboe mainly reported in Algeria and Nigeria.


In spite of stable Brent price at $111 per barrel, all sources additions were adversely affected by the unfavourable movements in oil and gas prices on reserves entitlements in certain PSAs and service contracts and in the economics of marginal productions (down 62 mmboe).

Sales of minerales-in-place were 250 mmboe and resulted from the disposals of Snam (in particular the divestment of 139 mmboe of Stogit reserves) and Galp (38 mmboe) as well as the change of participation
interest in the Karachaganak field (48 mmboe) and other non strategic assets (25 mmboe).

In 2012 Eni achieved an organic reserves replacement ratio of 147% on a comparable basis i.e. excluding the effect of the revision of the gas conversion rate. All sources reserves replacement ratio was 107% on a homogeneous basis. Reserves life index was 11.5 years (12.3 years in 2011).

Proved undeveloped reserves as of December 31, 2012 totalled 3,650 mmboe (including the impact of the gas conversion factor update equal to 20 mmboe). At year-end, proved undeveloped reserves of liquids amounted to 1,544 mmbbl, mainly concentrated in Africa and Kazakhstan. Proved undeveloped reserves of natural gas amounted to 11,568 bcf, mainly located in Africa, Russia and Venezuela. Proved undeveloped reserves of consolidated subsidiaries amounted to 1,322 mmbbl of liquids and 5,225 bcf of natural gas.

In 2012, total proved undeveloped reserves increased by 334 mmboe due to new projects sanctions mainly in Venezuela, Angola e Congo (approximately 438 mmboe) as well as due to upwards and downwards revisions mainly related to contractual and technical revisions, price effect and portfolio operations.

During 2012, Eni converted 227 mmboe of proved undeveloped reserves to proved developed reserves due to development activities, production start-ups and revisions. The main reclassifications to proved developed reserves are related to the following fields/projects: Samburgskoye (Russia), CAFC and MLE (Algeria), Seth (Egypt), Marulk and Tyrihans (Norway), M’Boundi (Congo), Clochas (Angola), Zubair (Iraq) and Nikaitchuq (USA).

Integrated Report eni for 2012 Interactive Charts
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Last updated on 18/04/13