Exploration & Production UpdateAlberto Chiarini

SVP Planning & Control

2

Production Growth Eni Targets

2007 2008 2011 2014

4.5%

~3%

CAGR

Production kboe/d

CAGR Proforma 2007-2011@ 90 $/bl: 3.6%@ 120 $/bl: 3.0%

Numerous start-ups and FID in 2008-10

Robust exploration success

Extensions and improved recovery

Integrated gas projects

Development of giant fields

Unconventional sources

Strong short and long term

organic growth

3

Production Growth H1 08 Production –

Meeting Expectations

H1 08 vs H1 07

1000

1100

1200

1300

1400

1500

1600

1700

1800

+2.8%

H1 07 H1 08

1,7351,784

63.3 109.1Brent $/bl

Reported

+8.1% net of PSA

+2.8%

+0.5%

+0.4%

-0.6%

-2.6%

-6.8%

-8.2%

-11.9%Repsol

ConocoPhillips

ExxonMobil

Chevron

Shell

BP

Total

Eni

kboe/d

4

Production Growth 2008-2010 Main Start-ups

201020092008

Project start-ups year W.I. Op. Peak boe/d 100%

Denise

2008

50%

√

38,000

Corocoro

2008

26%

66,000

Mondo

2008

20%

100,000

Taurt

2008

50%

38,000

Saxi-Batouque

2008

20%

100,000

Oooguruk

2008

30%

18,000

Awa Paloukou

2008

90%

√

14,000

Project start-ups year W.I. Op. Peak boe/d 100%

M’Boundi water inj.

2009

81%

√

35,000

Baraka&Maamoura

2009

100-49%

√

13,000

Blacktip

2009

100%

√

14,000

Burghley

2009

21.9%

17,000

Nikaitchuq

2009

100%

√

26,000

Longhorn

2009

75%

√

29,000

WLGP+1

2009

50%

√

22,000

Oyo

2009

40%

√

29,000

Tyrhians

2009

6.2%

90,000

Project start-ups year W.I. Op. Peak boe/d 100%

Rom Integrated

2010

√

20,000

Seth

2010

50%

25,000

M'Boundi Gas

2010

100%

√

22,000

to IPP

Thunderhawk

2010

25%

36,000

Morvin 2010

30%

45,000

Russian fields 2010

29.4%

√

150,000

Ph.1

22 main start-ups

> 400 kboe/d of new production by 2011

OECD8 start-ups

Africa12 start-ups Others

1 start-up

FSU1 start-up

5

Production Growth 2008-2010 Planned FID

NikaitchuqKodiakAppaloosa

US

MorvinGoliatGamma

NORWAY

Samburskoye

RUSSIA

WLGP +1 BCMYBouri

Phase IIWafa

redevelopmentLGP to 13

LIBYA

Kitan

AUSTRALIA

M’Boundi

enhancement

CONGOKizomba Sat phase 1Block 15/06 NW hubKizomba sat. Ph.2Negage

ANGOLA

OyoBrass LNG Bonga

SW

NIGERIA

Val d’Agri

Phase 2Sicily cluster

ITALY

El MerkRom Integrated

ALGERIA

Damietta T2

EGYPT

Karachaganak Phase 3

KAZAKHSTAN

Jasmine

UK

Junin

5

VENEZUELA

Gendalo

& Gehem

INDONESIA

30 FID expected >8.5 billion boe reserves added (>2.5 billion boe equity)Net equity production >350 kboe/d in the long termFast time to marketBalanced and diversified

FID taken…… FID expected

6

Production Growth Mid-Long Term Progress Sustained by Successful Exploration

18 blocks in Chukchi

ALASKA

KitanAUSTRALIA

Burren share in Block 6 & 17YEMEN

Burren Share in Nebit

Dag PSA

TURKMENISTAN

Ika

SW

CROATIA

1 Block

INDONESIA

KinnoullJasmine Appr.

UK AphroditeMarulk

Appr.Gamma5 blocks

NORWAY

Hapy

9Aghar

NJasmin

Burren

Share in

Kanayis

E and Hurgada

NM

EGYPT

Saquib

1ALatif

2

PAKISTANCassiopea

1Argo-2

ITALY

Stones*Kodiak*Aransas DeepK2 Appr.37 new Blocks

GoM

D4-NC41

LIBYA

U1-NC41

SangosN’Goma

ANGOLA

Burren share in La NoumbiTar Sands in Tchikatanga

CONGO

YTD 2008 added resources: ~ 600 mmboe**Significant discoveries in GoM from ex-Dominion leasesFast time to market

New acreageMain discoveries

* Acquired from Dominion in July 2007**

Including Eni’s participation in Galp

(Brazil

discoveries)

7

Long-term Growth New Ventures

in Unconventional

Oil

Heavy Oil - Venezuela

Agreement on Junin Block 5 in Orinoco Belt(670 sq km)

Resource potential in excess of 2.5 bln bl

PDVSA and Eni carrying out joint studies to confirm reserves and pre-feasibility development plan

Key milestones: Early production: 30 kbl/dLong-term plateau: 300 kbl/d

Tar Sands - Congo

Agreement for tar sands in Tchikatangaand Tchikatanga-Makola covering a total of1,790 sq km

Estimated reserves between 2.5 bln blunrisked and 500 mln bl risked

Synergies with M’Boundi field

Key milestones: Pilot production in 2011 Long-term plateau: 40 kbl/d

8

4

6

8

10

12

14

16

18

03-05 04-06 05-07

13.8

11.7

8.9

4

6

8

10

12

14

16

18

03-05 04-06 05-0712

14

16

18

20

22

24

26

03-05 04-06 05-07

22.8

19.7

16.1

12

14

16

18

20

22

24

26

03-05 04-06 05-073

4

5

6

7

8

9

10

11

12

03-05 04-06 05-07

5.9

5.34.8

3

4

5

6

7

8

9

10

11

12

03-05 04-06 05-07

Lifting Cost ($/boe)

Profit ($/boe)

Production Growth Combining Growth with Efficiency and Profitability

Cash Flow ($/boe)

Benchmark Group*Eni

* ExxonMobil, BP, Shell, Chevron, ConocoPhillips, Total (based on company reports); Eni included

9

Eni in the World Areas of Growth (CAGR 2007-11)

Africa+ 5.7%

Other+3.3%

OECD+0.7%

FSU+ 14.1%

E&P@Eni scenario

4.5%

E&P @90$/bl

3.6%

FSU+11.2%OECD

+0.7%

Africa+ 4.9%

Other+ 1.0%

10

Long-standing partnership with producing countries

Leading position/competitive time to market

Large unexploited gas potential in Libya, Egypt, Nigeria, Angola

Well positioned to supply Atlantic and Pacific LNG basins

First mover in unconventionals

2007 2011

Gross

1,8801,600

2007 2011

CAGR %

1,150921

Start-ups

08-11

+5.7

Equity Production kboe/d

Operated Production kboe/d

Top Producerskboe/d

97

921

237351

473

722793

Eni Total Exxon Shell Chevron Bp ConocoPhillips

2007 Production -

Source: Public data

Eni in Africa Strengthening Leadership

+4,9%@90$/bl

11

Eni in Africa Libya: Gas Developments to Sustain Long-term Growth

Tunisia

AlgeriaMELLITAH

WAFA

GREEN STREAM520 km

110 km pipelines

New LNGPlant

to LNGMarket

to ItalianMarket

NC 41

5 Bcm/y

8 Bcm/yto be upgraded to 11

0

5

10

15

20

2005 2007 2012 2015

Export to Italy LNG Local sales

Bcm/y

2 Bcm/yLocal Sales

New EPSA IV :

Extension and stabilization of contract framework

New plan for strategic projects

Increasing gas export from Mellitah hub from 8 to 16 Bcm/y

LNG project

2008 WLGP debottleneck (+ 1 Bcm/y)Wafa re-development (+ 2 Bcm/y)

2009 WLGP to 13 Bcm/y

2011

Libyan LNG (5 bcm)

FID – Export Gas Capacity

12

Eni in Africa Algeria: Offer for First Calgary Petroleum

Operational synergies

Operatorship

Strengthen materiality in a core country

Access to skilled personnel

Strategic Rationale

Recommended offer

Total cash consideration: C$ 923 mln

Subject to regulatory approvals

Closing expected late 2008

Transaction Overview

75% in the operated Ledjmet Block 405

Total resources in excess of 1.3 bln boe

~190 Mboe of 2P equity reserves

Start up 2011 - Plateau 30,000 boepd within 2012

2P acquisition cost: 4.5* US$/boe

Eni Assets

Block 405b LedjmetBlock 405b Ledjmet

* (1C$ = 0.9416 US$)

13

Egypt

Impressive trend of positive results: 12 Tcfof new gas reserves expected by 2011

Exploit the new play in deep HP/HT Oligocene (conventional and deep waters)

Eni in Africa Main Exploration Successes in Two Core Areas

Discoveries in Blk 15/06 West Hub

1000

m

600

m

1500

m

FPSO

FPSO

WHP

FPSO

CHOCALHO

MAVACOLA S

RECO-RECO

DIKANZA

MONDO

BATUQUE

FPSO

MAVACOLA N

SAXI

Kizomba C

BAVUCA

KAKOCHA

HUNGO

KISSANJE

MARIMBA N.

CLOCHAS

MARIMBA S

TCHIHUMBA

MBULUMBUMBA

VICANGO

WHP

Kizomba A

Kizomba B

XIKOMBA

W-AreaW-Area

Sangos 1

Ngoma 1

Discoveries in Blk 15/06 West Hub

1000

m

600

m

1500

m

FPSO

FPSO

WHP

FPSO

CHOCALHO

MAVACOLA S

RECO-RECO

DIKANZA

MONDO

BATUQUE

FPSO

MAVACOLA N

SAXI

Kizomba C

BAVUCA

KAKOCHA

HUNGO

KISSANJE

MARIMBA N.

CLOCHAS

MARIMBA S

TCHIHUMBA

MBULUMBUMBA

VICANGO

WHP

Kizomba A

Kizomba B

XIKOMBA

W-AreaW-Area

Sangos 1

Ngoma 1

1000

m

600

m

1500

m

FPSO

FPSO

WHP

FPSO

FPSO

CHOCALHO

MAVACOLA S

RECO-RECO

DIKANZA

MONDO

BATUQUE

FPSO

MAVACOLA N

SAXI

Kizomba C

BAVUCA

KAKOCHA

HUNGO

KISSANJE

MARIMBA N.

CLOCHAS

MARIMBA S

TCHIHUMBA

MBULUMBUMBA

VICANGO

WHP

Kizomba A

Kizomba B

XIKOMBA

W-AreaW-Area

Sangos 1

Ngoma 1

Operator in high potential 15/06 block: successful exploration (2 wells - 100% ROS)

Exploration campaign for new LNG project

MoU for new conventional and unconventional initiatives

Short time-to-market for future projects

Angola

Pliocene

Miocene

Oligocene

Pre-Tertiary

1000

2000

3000

4000

5000

6000

HP/HT Boundary

Depth (m)

Exploration Results - Gas Reserves

Discovered in 2004-07 6.5 Tcf

5.5 TcfAssociated with new prospect to be drilled in 2008-11

12.0 TcfTotal gas reserves discovered and expected

14

Eni in OECD Sustainable Long-term

Plateau

GrossCAGR % Start-ups

08-11

Equity Production kboe/d

Operated Production kboe/d

USA

Growth driven by successful exploration and Alaskan projects

Short time-to-market

Europe

Growth in Norway (Barents Sea)

New start-ups in UK and Italy

Australia

Growth driven by offshore discovery

2007 2011

440383

2007 2011

585569+0.7

> 100 kboe/d < 100 kboe/d

+0.7%@90$

15

Eni in OECD Countries Successful Exploration

AustraliaKitan (40% Eni op.) oil discovery in Timor Sea

GoMKodiak (25%) oil Stones-3 Appr. (15%) oilAransas Deep (100% Eni op.) oilK2 Appr. (13.4%) oil

ItalyCassiopea (60% Eni op.) gas discovery confirming the high potential of the Sicilian deepwaterArgo-2 (60% Eni op.) gas

NorwayAphrodite (45% Eni op.) gas and condensate Marulk Appr. (20% Eni op.) gas and condensate Gamma (14.9%) gas

UKJasmine Appr. (33%) gas and condensate Kinnoull (16.67%) oil

16

Eni in Russia and Central Asia World Class Portfolio and Projects

GrossCAGR % Start-ups

08-11

Equity Productionkboe/d

Operated Productionkboe/d

2007 2011

640

372

2007 2011

+14.1

Kazakhstan

Key to sustain long-term growth

Russia

Developing Giant projects in West Siberia

Turkmenistan

A foothold in a promising hydrocarbon region

Upside gas potential112

190

> 100 kboe/d < 100 kboe/d Ongoing development

+11,2%@90$

17

~17%

2007 Total Resources

1H 08 2014E

Kazakhstan productionOther production

Contribution to ProductionKboe/d

Eni in Kazakhstan Long-term Production Growth and Resources Contribution

Total resources:~28 billion boeTotal resources:

~28 billion boe

Russian assets 30%

20% GazPromNeft not included

Congo and Venezuela unconventional not included

Resources in Kazakhstan

@ 90$/bl

7%

~9%

18

829

~1,080

33 giant projects with

reserves >500 million

boe each

16 operated

>37 billion boe of gross

resources operated

Long-term Sustainability Eni’s Presence in Giant Projects

Operated production

~880

Giant Projects Equity Productionkboe/d

Source:

Goldman Sachs “top 190 projects”

and Eni elaboration

Producing Start-ups & Growth

2007 2011 2014

66% 73% 79%

19

Growth and Value

Broad-based and extensive portfolio

High potential start-ups and FID across all continents

Proven track record in exploration

Presence in the fastest producing regions

Exposure to giant projects

Sustain high profitability and cash-flow