Eni is one of the world’s major integrated oil and natural gas companies. It has leading international market positions in the oil and gas, petrochemicals and oilfield services and engineering industries.

Based on its equity market capitalization at December 31, 1998, Eni was the second largest publicly traded company in Italy, the third largest publicly traded oil and gas company in Europe and the seventh in the world. In 1998, Eni had operations in 75 countries.

Net sales in 1998 reached 54,910 billion lire (approximately $US 30 billion) and net income was 4,500 billion lire (approximately $US 2.46 billion). Daily average production of oil and gas surpassed one million barrels. Eni’s estimated proved reserves totaled 5,255 million barrels of oil equivalent. In 1998 Eni’s portfolio of exploration and development rights stretched throughout 31 countries and covered a surface area of 284,299 square kilometers.

Eni conducts its principal exploration and production activities in Italy, North Africa (Algeria, Egypt, Libya and Tunisia), West Africa (Angola, the Congo, Gabon and Nigeria), the North Sea (Norway and the United Kingdom), China, Kazakhstan, Azerbaijan, and in the Americas. Eni has a long history of production in each of its principal operating regions, particularly in Italy, where it has been the leading operator of oil and natural gas fields since 1926, in North Africa, where it has been a leading operator since 1954, and in West Africa, where it has been one of the leading operators since 1962.

Eni’s objective is to create value for its shareholders through the continuous improvement of cost efficiency and the quality of its products and services. To achieve this objective Eni relies on the managerial and technical capabilities as well as the continuous development of its workforce, and on an increasingly lean and entrepreneurial organization.

Eni actively contributes to the promotion of research and development aimed at protecting the environment and conserving natural resources. A strong commitment to energy efficiency; to the conservation of natural resources and to the continuos improvement of the environmental performance of products and services, are among Eni’s fundamental values. These values reflect Eni’s belief that economic development must be compatible with natural and human resources. They also represent the competitive advantage that will allow successful companies to win in the marketplace of today and tomorrow.

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