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Congo Field Trip – Eni S.P.A

Eni S.P.A · Oct 6, 2011 · 58 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Congo Field Trip – Eni S.P.A – slide 1
    Congo field trip Brazzaville October 6th, 2011 eni.com
  2. Congo Field Trip – Eni S.P.A – slide 2
    agenda eni update Paolo Scaroni E&P update Claudio Descalzi Focus on sub-Saharan Roberto Casula operations Financial update Alessandro Bernini Closing remarks Paolo Scaroni Q&A 2
  3. Congo Field Trip – Eni S.P.A – slide 3
    Libya: recovery plan and growth potential Recovery plan Consolidated relationship with Security assessment of context and facilities NTC Re-opening of enis Tripoli office Existing contracts confirmed Initial interventions (eg…
  4. Congo Field Trip – Eni S.P.A – slide 4
    G&P: business and market update Market update eni actions Recovery in European spot Improved commercial offer prices (+51% vs first 9 months +4pp 4 market k t share h in i Italy It l * 2010) +14% European volumes*…
  5. Congo Field Trip – Eni S.P.A – slide 5
    enis key assets: developing value creation prospects Snam Saipem Galp Exploring options to Delivering outstanding Continuing discussions unlock value results with potential buyers Any disposal requires Key synergies with…
  6. Congo Field Trip – Eni S.P.A – slide 6
    enis long history of growth in Africa... C Countries t i and d year off entry t Af i African production d ti (1970-2010) (1970 2010) kboed Tunisia CAGR 1961 Algeria Al i Libya Egypt 1981 13,854 2,0% 1959 1954 Mali…
  7. Congo Field Trip – Eni S.P.A – slide 7
    ...has led to our current leadership Production in Africa Majors j i Africa in f i Algeria Tunisia Libya Egypt kboe/d Chad Cameroon Dem. Rep.Congo Nigeria Eq. Guinea Gabon Angola Congo Countries of 7 6 5 5 4 3…
  8. Congo Field Trip – Eni S.P.A – slide 8
    further growth potential in Africa M j Major growth h drivers d i in i Africa Af i P d Production i growth h iin Africa Af i (kb /d) (kboe/d) Algeria & Tunisia MLE CAFC start up 1400 Exploration for Libya conventional and…
  9. Congo Field Trip – Eni S.P.A – slide 9
    the six legs of the eni model 1 Business & technology development 2 Oil & gas integration 3 Access to energy & infrastructure 4 To be local 5 Local development (agriculture, (agriculture health, health education) 6…
  10. Congo Field Trip – Eni S.P.A – slide 10
    oil & gas integration: a driver of growth in North Africa Egypt 2010 production: 232 kboe/d Gas imports (UFG): 2 bcm eni present since 1954 First IOC in the country Libya 2010 production: 273 kboe/d Gas imports: 9.4 bcm eni…
  11. Congo Field Trip – Eni S.P.A – slide 11
    access to energy: first mover in Subsaharan Africa First IOC to invest in power generation in Africa using associated gas Major electricity generation: 4 plants in Congo and Nigeria g 60% of Congolese electrical production 20%…
  12. Congo Field Trip – Eni S.P.A – slide 12
    to be local: a double flag approach Local presence in Africa Local employees (3) Number No. Onshore Countries (% of prod. (1)) 55% 1,897 1,217 7 37% 6 14% 5 13% 2000 2010 5 14% Local managers (3) Number 4 25% 186%…
  13. Congo Field Trip – Eni S.P.A – slide 13
    Congo field trip: E&P update Claudio Descalzi, COO eni.com
  14. Congo Field Trip – Eni S.P.A – slide 14
    E&P strategic goals and drivers Rapid development of project pipeline Production optimization and near field exploration to reduce decline Organic growth Additional development phases of giants & value creation Increasing exposure…
  15. Congo Field Trip – Eni S.P.A – slide 15
    sustainable growth Organic production growth 2% 3% 3% CAGR 2010-14 Low decline rate Strong project pipeline 2% CAGR 2014-21 Identified opportunities Exploration potential Price scenario: 70/bbl flat 2014,…
  16. Congo Field Trip – Eni S.P.A – slide 16
    2011-14: short-term project base for building long term growth Main FID 4Yplan main start-ups NORWAY RUSSIA 2011 Goliat Yaro Yakinskoye Ekofisk South Samburgskoye 75% of production UK Urengoskoye already sanctioned US West…
  17. Congo Field Trip – Eni S.P.A – slide 17
    building long-term growth on recent successful exploration Culzean (UK) High class G&C discovery still in appraisal phase Barents Sea (Norway) Skrugard Sk d discovery di GoM (USA) Greater Hadrian area Near field…
  18. Congo Field Trip – Eni S.P.A – slide 18
    growth projects beyond 2014 Main FID Start-ups post 2014 NORWAY RUSSIA 2012 Skrugard Severo Asgard SS Compr. Extension Val DAgri Yevo GLA Tor redevelopment Achimov Eldfisk II 2013 UK KAZAKHSTAN Culzean Jangkrik Mariner…
  19. Congo Field Trip – Eni S.P.A – slide 19
    drivers for long-term growth: our key hubs Diversified growth Yamal Present in worlds most Barents Sea Peninsula promising producing areas Exposure to growing markets (eg Far East) Kazakhstan Leveraging synergies Venezuela…
  20. Congo Field Trip – Eni S.P.A – slide 20
    Yamal Peninsula: new gas giants Yamal province Licences: Sambursky Sambursky, Yaro-Yakhinsky, Yaro Yakhinsky Severo-Chalesky, Severo Chalesky Yevo-Yakhinsky Samburgskoye Production (kboe/d, equity) 200 eni share…
  21. Congo Field Trip – Eni S.P.A – slide 21
    Barents Sea: unlocking oil potential Barents Sea Production (kboe/d, equity) Goliat 250 eni share 65% (operated) 200 Contract type Concession 150 Capex (100%) 5 B 100 Reserves (100%) 175 Mboe 50 Peak production (100%)…
  22. Congo Field Trip – Eni S.P.A – slide 22
    Indonesia: growing exposure to favourable gas market Jangkrik & Jangkrik NE Production (kboe/d, equity) 120 eni share 55% Contract type PSA 80 Capex (100%) 2.9 B 40 Reserves (100%) 400 Mboe Peak production (100%) 80 kboe/d…
  23. Congo Field Trip – Eni S.P.A – slide 23
    Venezuela: super giants with long-term plateau Junn-5 eni share 40% (Petro-Junn Op.) Contract type Concession-like Capex (100%) 22.7 B Reserves (100%) 2.4 Bboe Peak production (100%) 75 kboe/d (EP), 240 kboe/d (FF) Production…
  24. Congo Field Trip – Eni S.P.A – slide 24
    Kazakhstan: near-term growth and relevant long-term potential Karachaganak Kashagan Kashagan EP Production (kboe/d, equity) 250 eni share 16.81% (operated) 200 Contract type PSA 150 Reserves (100%) 3.6 Mboe 100…
  25. Congo Field Trip – Eni S.P.A – slide 25
    Sub-Saharan: legacy area with further growth prospects Block 15/06 (East & West Hubs) Production (kboe/d, equity) 600 eni share 35% Contract type PSA 400 Capex (100%) 8.2 B Reserves (100%) 425 Mboe 200 Peak production (100%)…
  26. Congo Field Trip – Eni S.P.A – slide 26
    high potential exploration portfolio Barents Sea (Norway) Large upside GoM (USA) Near field exploration Pacific gas (Indonesia and Australia) High potential in profitable gas market West Africa Transform margin play in…
  27. Congo Field Trip – Eni S.P.A – slide 27
    a growing unconventional portfolio Shale & tight gas in North Africa Shale gas in East Europe Algeria - ongoing joint assessment Poland 3 expl. Permits Drilling Ongoing Tunisia - ongoing exploration Ukraine MoU inclusive of…
  28. Congo Field Trip – Eni S.P.A – slide 28
    confirmed leadership in efficiency Unit exploration costs Break even price by region OPEX* /boe 6 10 6 60 10 9 5 9 50 Avg. 45 /boe 88 4 40 77 7.0 33 30 66 2 20 5.7 5.4 1.9 2.0 55 1.9 1 10 44 0 0 3 0 07-09…
  29. Congo Field Trip – Eni S.P.A – slide 29
    diversified and profitable portfolio Cash flow NPV 2P by areas CF/boe (%) 120 20% 24% 110 32% 24% 100 90 2010 2014 Africa sub-Saharan North Africa Brent avg 70 70 (/boe) Europe & America Asia & Pacific Solid…
  30. Congo Field Trip – Eni S.P.A – slide 30
    good progress on strategic goals NORWAY NORWAY Ekofisk South Skrugard ALASKA Eldfisk II Russia Nikaitchuq Asgard SS Compression Samburgskoye NORWAY PL 226B PL 608 UK Culzean UKRAINE KAZAKHSTAN Karachaganak 4th train GOM…
  31. Congo Field Trip – Eni S.P.A – slide 31
    Congo field trip: Sub-Saharan Sub Saharan Africa Roberto Casula,, EVP Sub-Saharan Africa eni.com
  32. Congo Field Trip – Eni S.P.A – slide 32
    eni E&P in Sub-Saharan Africa Population 850 million GDP growth rate 2011: 5.5% Proved reserves YE 2010 oil 68 bln bbls Togo 2010 Nigeria gas 230 tcf Ghana 1962 2009 Congo 1968 Production 2010 Gabon DRC 1981/2008 2010…
  33. Congo Field Trip – Eni S.P.A – slide 33
    production growth Production growth 2009 - 2021 (kboe/d) 4Y plan CAGR CAGR Congo +3% 2% Nigeria +2.2% 6% Angola +13.4% 11% g term g Long growth 397 357 OPL 245 Bonga area Brass LNG Abo Ph. 3 Litchendjili Tar…
  34. Congo Field Trip – Eni S.P.A – slide 34
    growth drivers Operated development projects and Deepwater exploration to fuel future growth Gas utilization LNG Gas value maximization trough Power plant domestic consumption and export Heavy oil upgrading High quality…
  35. Congo Field Trip – Eni S.P.A – slide 35
    deepwater projects KIZOMBA SAT.1 WEST HUB EAST HUB WI WI WI DW production WI GI WI DC GI Cabaa N DC DC DC DC ((kboe/d) / ) WI Cabaa SE DC WI Not operated Operated Operated 200 Plateau…
  36. Congo Field Trip – Eni S.P.A – slide 36
    deepwater projects: Block 15/06 Mpungi-1 Cabaca North-1 (2010) (2009) Nzanza-1 --1 (2009) Nzanza North Xikomba N3 Mondo NW 1000 W5 Cinguvu-1 Cabaa 1 Cabaca SE-1 m (2010) 1 W6 (2010) Mondo W W7 W-HUB W10 W11…
  37. Congo Field Trip – Eni S.P.A – slide 37
    deepwater projects: OPL 245 OPL245 Eni share 50% (op.) Development of Zabazaba and Etan fields Contract type PSA (1,700-2,000 m WD) Capex (100%) under evaluation Zabazaba*: 13 producers, 5 injectors Reserves (100%)* 550…
  38. Congo Field Trip – Eni S.P.A – slide 38
    growth drivers Operated development projects and Deepwater exploration to fuel future growth Gas utilization LNG Gas value maximization trough Power plant domestic consumption and export Heavy oil upgrading High quality…
  39. Congo Field Trip – Eni S.P.A – slide 39
    integrated gas cycle management Gas production in SSA (kboe/d) NIGERIA NIGERIA Okpai Eleme 120 RSG P t l h Petrolchemical i l NLNG Brass CONGO 79 Gas to MAG CONGO Tar sands CEC LPG CED ALNG Gas project ANGOLA IPP…
  40. Congo Field Trip – Eni S.P.A – slide 40
    gas utilization: LNG projects Operational/in execution Pre-FID/proposed Nigerian LNG - eni share: 10.4% Brass LNG - eni share: 17% Op. Status 6 trains in operation Status 2 trains pre FID LNG capacity 22 MTPA LNG capacity 10…
  41. Congo Field Trip – Eni S.P.A – slide 41
    gas utilization: power plant projects Nigeria Okpai IPP - eni operator 20% Nigeria RSG IPP - Supply 100% Naoc JV Status operational Status operational Plant capacity 480 MW Plant capacity 150 MW Startup May 2005 Startup Dec 2006…
  42. Congo Field Trip – Eni S.P.A – slide 42
    growth drivers Operated development projects and Deepwater exploration to fuel future growth Gas utilization LNG Gas value maximization trough Power plant domestic consumption and export Heavy oil upgrading High quality…
  43. Congo Field Trip – Eni S.P.A – slide 43
    exploration overview Sub-saharan plays Pre-salt Deepwater Santos Basin Brazil-like Togo themes Nigeria Coastal basin and shallow water Ghana Transform margin Cretaceous p plays y deepwater p G b Gabon Congo DRC Tertiary…
  44. Congo Field Trip – Eni S.P.A – slide 44
    pre-salt and transform margin Angola Bl. 35 (eni W.I.: 30%) Ghana/Togo 1000m 1500m ra 2000m Acc 2500m SALTPOND OFFSHORE KETA TOGO 300 0m i rad FIELD ACCRA GHANA SOPCL 20 m Tap o m 50 0m 350…
  45. Congo Field Trip – Eni S.P.A – slide 45
    emerging East African Tertiary plays - Mozambique Block Area 4 (eni W.I.: 70%) Rovuma Basin Deep offshore: 1 500-3 1,500 3,000 000 m Area: 12,956 km2 Resource potential: 10-20 Tcf GOIP 7g gas discoveries out of 9 wells drilled…
  46. Congo Field Trip – Eni S.P.A – slide 46
    growth drivers Operated development projects and Deepwater exploration to fuel future growth Gas utilization LNG Gas value maximization trough Power plant domestic consumption and export Heavy oil upgrading High quality…
  47. Congo Field Trip – Eni S.P.A – slide 47
    the six legs of the eni model 1 Business & technology development 2 Oil & gas integration 3 Access to energy & infrastructure 4 To be local 5 Local development (agriculture, (agriculture health, health education) 6…
  48. Congo Field Trip – Eni S.P.A – slide 48
    MBoundi, the energy hub of Congo Brazzaville RC LPG plant Brazzaville MBoundi Tar sands RIT L di Loudima Mi d li Mindouli T i l Tsielampo MBoundi Zingali Loufika MAG Litchendjili Kouakouala y Refinery RIT Coraf…
  49. Congo Field Trip – Eni S.P.A – slide 49
    social investment model projects Angola Congo 2008 MOU SONANGOL AND ENI INTEGRATED PROJECT HINDA Cooperation areas: Objective: food & biodiesel promote sustainable local development infrastructures mitigating the social risks…
  50. Congo Field Trip – Eni S.P.A – slide 50
    strong and increasing cash flow SSA cash flow /boe Strong cash flow, significantly 35 100 /boe enhanced by new start-ups 30 28.9 Focus on conventional and large size 26.5 70 /boe projects to exploit economies of scale 25 p and…
  51. Congo Field Trip – Eni S.P.A – slide 51
    Congo field trip: financial update Alessandro Bernini,, CFO eni.com
  52. Congo Field Trip – Eni S.P.A – slide 52
    growing cash flow to finance capex 2011-14 cash flow* 2011 14 capex 2011-14 Bln * 70/bbl 52
  53. Congo Field Trip – Eni S.P.A – slide 53
    focused on high return e&p projects Eni capex Bln 2011-2014 E&P development Other O h capex plan 33.7 19.6 E&P development capex 2% Onshore PSA Shallow offshore Service contract 23% 38% Deepwater Concession 35%…
  54. Congo Field Trip – Eni S.P.A – slide 54
    ...and to further strengthen our balance sheet Net debt at June 30, 2011 Snam Rete Gas Lowest risk profile of enis 2011 portfolio Self financing 1.7bn of 10.7 billion divestments closed Net debt to equity Saipem below YE2010…
  55. Congo Field Trip – Eni S.P.A – slide 55
    low risk and high quality financial debt Debt by instrument Debt by maturity Commercial 5 yrs paper 10% 3-5 yrs Bonds 51% 2-3 yrs Banks 39% Extension of debt maturity: 80% long term 1.3 bln retail bond issued…
  56. Congo Field Trip – Eni S.P.A – slide 56
    Congo field trip: closing remarks Paolo Scaroni,, CEO eni.com
  57. Congo Field Trip – Eni S.P.A – slide 57
    a strong growth profile Past as and a d future u u e leadership eade s p in Africa ca E&P: sustainable long-term growth Solid balance sheet to fuel growth 57
  58. Congo Field Trip – Eni S.P.A – slide 58
    a strong growth profile Past as and a d future u u e leadership eade s p in Africa ca E&P: sustainable long-term growth Solid balance sheet to fuel growth 58

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