Exploration Company of the Year
For the third year in a row, Eni has been recognised as an elite exploration company. Distinguished by its attitude towards research and technology, the company has prioritised development of low-cost resources while managing flexibility and long-term growth. By following the firm's four-pronged strategy: speed of time-to-market, cost effectiveness, organic growth and its dual exploration model, Eni has been able to reach oil on average three years ahead of expectations.
2017 has been another impressive year for the Italian company. Two wells in the Amoca offshore Mexico discovery added 1-1.3bn barrels of oil equivalent to the firm's reserves, alongside further discoveries in the first half of this year in Libya, Indonesia and Norway. These new finds combined will boost Eni's asset reserves by an additional 0.5bn boe. The company also acquired new acreage in Cyprus, Côte d'Ivoire and Norway this year, spanning a total of 11,000 square kilometres.
Eni has also made impressive progress on existing projects. The Coral South LNG project in Mozambique entered the execution phase and the giant Zohr project in Egypt—with an estimated 850bn cubic metres of gas in place—is expected to begin production by end-2017. In the third quarter of 2017, Eni's adjusted operating profit was almost four times higher than the year-earlier level, a net increase of €689m ($798m). These impressive results further illustrate Eni's credentials as a premier exploration company.