• In 2017, safety performance continued on a positive trend, with a total recordable injury rate of 0.28, down by 18% from 2016. New training and continuing education initiatives as well as HSE awareness programs have been developed. Eni is engaged in maintaining a high safety standard in each of its operations.
• Upstream GHG intensity index was positive with a reduction of approximately 3% from 2016 leveraging on the continuous improvements in energy efficiency and planned initiatives to contain fugitive emissions due to ongoing maintenance of production sites and programs to improve plant set-up. These results confirm that we are well on track on our long-term targets of a reduction of 43% in 2025 vs. 2014.
• Water re-injection was 59% in 2017, leveraging on the ongoing programs in certain operational plants, in particular in Congo, Egypt and Ecuador as well as restart of certain production plants in Libya.
• In 2017 the E&P segment reported more than double of adjusted operating profit and more than four-fold increase of adjusted net profit compared to 2016. This performance was driven by the recovery in crude oil prices (with the Brent price up by 24%), production growth and significant reduction of tax rate.
• 2017 oil and natural gas production was a record level of 1.82 million boe/d, up by 3.2% compared to the previous year. In December 2017, production reached 1.92 million boe/d, marking an all-time high for Eni. Start-ups and rampups added 243 kboe/d to the production level of 2017. Expected a 4% growth rate in 2018 full-year production.
• Net proved reserves at December 31, 2017 amounted to 7 bboe based on a reference Brent price of $54 per barrel. The organic reserves replacement ratio was 103%. The ratio increased to 151% when excluding the reclassification of proved undeveloped reserves in Venezuela to the unproved category in accordance with the applicable US SEC regulation. The reserves life index was 10.5 years (11.6 years in 2016).

In 2017, the Exploration & Production segment reported an adjusted operating profit of €5,173 million, increasing by €2,679 million compared to 2016 thanks to the recovery in crude oil prices (with the Brent price up by 24%), as well as the production growth. These positives were partly offset by higher exploratory well write-offs and higher expenses, as well as lower appreciation of Eni’s average realizations than the Brent benchmark, which has not been yet fully reflected in gas prices due to the time lags in oil-linked price formulas. Adjusted operating profit excluded a negative adjustment of €2,478 million.

Capital expenditure of the Exploration & Production segment (€7,739 million) concerned mainly development of oil and gas reserves (€7,236 million) directed mainly outside Italy, in particular in Egypt, Ghana, Angola, Congo, Algeria, Iraq and Norway. Development expenditures in Italy in particular concerned the activities of the Viggiano oil center in the Val d'Agri concession (for further information see Main exploration and development projects - Italy) as well as sidetrack and workover activities in mature fields. Exploration expenditures (€442 million) concerned mainly Cyprus, Norway, Mexico, Egypt, Libya and Ivory Coast. In 2017 overall expenditure in R&D amounted to €83 million (€62 million in 2016). A total of 5 new patents applications were filed.