Project Star

Unique Investment Opportunity

in Pakistan

15 June 2020
Overview of Investment Opportunity
Opportunity to acquire 100% of Eni’s onshore and offshore upstream E&P portfolio and new energy
business in Pakistan
 Eni S.p.A. (“Eni”) is looking to sell its upstream E&P business in Pakistan, which is organised under three legal entities, Eni Pakistan
Limited, Eni AEP Limited and Eni Pakistan M Limited SARL, and its new energy business which is organized under Eni New Energy
Pakistan (Pvt) Ltd, (together “Eni Pakistan”) (the “Proposed Transaction”)
 Eni has had a successful presence in Pakistan for c.20 years, with current production focused around three operated and six non-operated
producing assets:
 Producing assets are the operated Bhit, Badhra and Kadanwari assets and the associated processing facilities, and the non-operated
Zamzama, Sawan, Latif, Miano, Tajjal and Mitha assets
 Assets have high quality partners such as Ocean Pakistan (formerly BHP), UEG (formerly OMV), OGDCL, KUFPEC and PPL
 Eni Pakistan has a well-established and experienced management team with a successful track record in delivering operational
performance and upside
 The portfolio provides scale gas focused production, with c.19kboepd net to Eni in 2019
 Estimated remaining net Wood Mackenzie commercial reserves of c.20mmboe with further upside potential
 Fields benefit from development optimisations to enhance production, and there is scope to increase recovery
 Upside potential in four exploration leases, covering an area of over 3,000km2 (gross)
 Onshore acreage spans the Middle Indus and Kirthar Fold belt basins; 2020 activity focused on Latif and Mubarak
 High impact offshore exploration potential
 New energy business comprises a 10MWp photovoltaic plant developed near the Bhit gas field, which provides power to the upstream
operations and contributes towards Eni Pakistan’s ESG agenda

All inquiries for further information should be addressed to one of the Barclays’ representatives below

Simon Oxley Andrea Pederzoli Robert Smith Edward Lewis

Managing Director, Director, Director, Vice President,
Co-Head Oil and Gas EMEA Coverage Italy Oil and Gas APAC Oil and Gas EMEA

Mobile: + 44 (0) 77 7502 7816 Mobile: +39 029 4753 787 Mobile: + 852 6392 8990 Mobile: + 44 (0) 77 6659 2106
Email: simon.oxley@barclays.com Email: andrea.pederzoli@barclays.com Email: robert.g.smith@barclays.com Email: edward.lewis@barclays.com

___________________________
Source: Company Information, Wood Mackenzie.

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Eni Pakistan – A Unique Investment Proposition
Leading E&P business in the region; ideal operated platform to leverage Pakistan’s growing energy requirements,
securing cash generative production with additional upside operating at the highest ESG standards
• Successful presence in Pakistan for c.20 years, and historically has been one of the largest foreign
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One of the Largest E&P players in country
International Gas • Material reserve base in a proven hydrocarbon basin; Estimated remaining net Wood Mackenzie
Producers in Pakistan commercial reserves of c.20mmboe with further upside potential
• Gas focused production of c.19kboepd net to Eni in 2019
• Pakistan GDP growth forecast at c.4% p.a. for the next 10 years driven by population growth
2 and both macroeconomic and structural reforms
Strong Market • One of the world’s fastest growing gas markets; strong gas demand of c.49 bcm/yr, forecast
Environment to rise to c.55 bcm/yr by 2028
• LNG demand growth required to offset falling domestic production; c.15% y-o-y increase in
LNG imports from 2019 to 2020 (10-year average increase of 10%)

3 Track Record of • Very low production cost due to continuous optimization efforts and track record of free
Operational cash flow generation
and Financial • Circular economy KPIs such as energy efficiency, asset reuse and optimisation and
Performance waste/water management in place to optimise and sustain low operational costs

Pakistan 4 • Interests in a number of high-profile producing assets in the relatively low-risk gas prone
Operated Interests region
in Key Strategic • Assets in close proximity enable more efficient operation and best use of infrastructure
Assets facilities, including from third parties
• Measures and controls framework in place to ensure effective security in areas of operation

5 • Four exploration leases (onshore and offshore) and eight development and production leases
Development and
• Drilling plans in place for development wells at a number of the assets
Exploration Upside • A number of onshore exploration blocks near producing assets with existing infrastructure
Potential • High potential offshore prospects in diversified shallow water plays

6 Experienced
Management Team &
Top Class HSE and
ESG Standards
___________________________
Sources: Company Information, Fitch Solutions, Wood Mackenzie.
• Skilled regionally focused team; deep knowledge of the asset base, infrastructure and associated operations
• A well-established operator in Pakistan; strong relationship with regulators, local contractors and
communities
• Self-sustainable operating model, requiring limited support from corporate headquarters
• Strong commitment towards low-carbon production initiatives through Bhit Photovoltaic Plant; reduced gas
consumption and improved carbon footprint

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Key Assets Overview
Assets Location / Summary
Operated Producing Non-Operated Producing Exploration Bhit Photovoltaic Plant Processing Plants

Zamzama Mitha Mubarak

WI: 17.75% WI: 30.00% WI: 38.00%
 Operator: Ocean  Net ‘19 Prod.:  Operator: UEP
Pakistan 1.07kboe/d Pakistan Mubarak  Partners: GHPL
 Partners: GHPL,  Gas and Middle Indus  Location: Middle Indus
KUFPEC, Al-Haj Condensate (minor)
 Location: Lower  Discovered in 1998 Kadanwari  Net ‘19 Prod.:  Exploration focus
Indus  Gas delivered via 0.48kboe/d on Sardar North
 Net WM 2P two different Mitha  Gas
Reserves: pipelines to Karachi
1.53mmboe Zamzama Miano

Bhit & Badhra Miano

WI: 40.00% Bhit Sawan Latif
Bhit PV WI: 15.16%
 Operator: Eni  Net ‘19 Prod.: Plant Tajjal  Operator: UEP  Net ‘19 Prod.:
 Partners: OGDCL, 10.87kboe/d
KUFPEC, Al-Haj  Gas and
India  Partners: PPL, 1.05kboe/d
 Location: Lower Condensate (minor) Badhra OGDCL  Gas
Indus  Offtake agreement  Location: Middle  Significant
 Net WM 2P with SSGCL; Bhit Kirthar Fold belt Indus development
Reserves: processing plant  Net WM 2P drilling by UEP in
Indus C Reserves: 2019
7.35mmboe capacity: 320mmcfd
1.78mmboe  Gas supplied to
SSGCL
Bhit Photovoltaic Plant Indus N
WI: 100.00%
 Operator: Eni  Energy sold under a Latif
 Location: Lower PPA to Eni Pakistan WI: 33.33%
Indus
 Capacity: 10 MWp  Operator: UEP  Gas
 Annual electricity  Partners: PPL  Discovered in
Prod.: 20GWh Tajjal Sawan Kadanwari  Location: Middle 2007; onstream
WI: 23.68% WI: 23.68% WI: 18.42% Indus since 2009
 Net WM 2P  Gas supplied to
 Operator: UEP 2009; currently  Operator: UEP  Net ‘19 Prod.:  Operator:  Net ‘19 Prod: Reserves: SNGPL
Indus C & N  Partners: PPL, 1 producing  Partners: PPL, 1.50kboe/d Eni 1.59kboe/d 5.35mmboe
WI: 60.00% & 70.00% GHPL well GHPL  Discovered in  Partners:  Gas  Net ‘19 Prod.:
 Location:  Connected to 2.16kboe/d
 Operator: Eni  Location: 1998 OGDCL,  Gas sold to;
Middle Indus Sawan
 Partners: PPL  Net WM 2P processing Middle Indus  Gas supplied KUFPEC, SSGCL;
 Location: Offshore Reserves: plant  Net WM 2P to Sawan Al-Haj processing Latif
Indus 0.12mmboe Reserves: processing  Location: facilities WI: 33.33%
 Shallow Water  Net ’19 Prod: 2.38mmboe plant SSGCL Middle Indus shared with
Exploration  Operator: UEP
0.03kboe/d
 Gas
and SNGPL  Net WM 2P Miano &  Partners: PPL
 2D and 3D seismic  Gas Reserves: Mitha fields
surveys conducted  Location: Middle Indus
 First gas in 1.66mmboe  Exploration
___________________________
Source: Company Information, Wood Mackenzie.
Notes: Net 2P Reserves Figures based on Wood Mackenzie Estimates. Oil and Gas Development Corporation (OGDCL), Pakistan Petroleum Limited (PPL), Government Holdings (Private) Limited (GHPL), Sui Southern
Gas Company Limited (SSGCL), Sui Northern Gas Pipelines Limited (SNGPL), United Energy Pakistan (UEP).

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Track Record and Corporate Structure
Track record of operational and financial performance, with focus on operational efficiency
Overview Historical Production
 Sizeable gas reserve base in a proven onshore hydrocarbon basin (Kboepd)
 2019 production of c.19kboepd, of which c.66% is operated
 Solid track record of sustainable production at low operating cost 30
 Spare capacity at Bhit and Kadanwari processing plants
 Capable of handling increased production
20
 Opex optimization model developed by Eni Pakistan implemented by
other units globally
 PV 10 MW plant -> extra gas available for sales and opex & 10
capex and CO2 emissions reduction
 Cost optimisation program in place to further rationalise head count
and overheads while maintaining productivity incentives and low 0
attrition rates 2017 2018 2019
Production

Corporate Structure Overview

Eni Pakistan Ltd.
(Registered in United Kingdom)
 Kirthar block – Bhit and Badhra fields (40.00%)
 Offshore Indus N – Exploration (70.00%)
 Tajjal block – Kadanwari field (18.42%)
 Offshore Indus C – Exploration (60.00%)
 Mubarak block – Mitha field (30.00%)
 Mubarak block – Exploration (38.00%)

Exploration Eni Pakistan (M) Limited S.a.r.l.  Dadu block – Zamzama field (17.75%)
&  Latif block – Latif field (33.33%)  Latif block – Exploration (33.33%)
(Registered in Luxembourg)
Production

Eni AEP Ltd.  Block 20 – Miano field (15.16%)  Gambat block – Tajjal field (23.68%)
(Registered in United Kingdom)  SW Miano block – Sawan field (23.68%)

Eni New Energy Pakistan (Pvt) Ltd.

New Energy (Registered in Pakistan)
 Bhit PV 10 MW plant (@100%)

___________________________
Source: Company Information.

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Development and Exploration Upside Potential
Upside potential from near-field drilling and exploration prospects
Overview of Development and Exploration Upside Key Assets Map
 Eni Pakistan has interests in four exploration leases (onshore Mubarak
and offshore) and in eight development and production leases
 Exploration leases gross acreage of over 3,000km2 Miano

 Development and production leases gross acreage of c. 2,700km2 Kadanwari

Zamzama Sawan
 Field Developments
 Badhra operated gas field represents a highly prospective part of Latif
the portfolio with a number of infill opportunities
Bhit
 Near term Kadanwari field infill opportunities
 Further development plans around the non-operated producing
fields of Miano and Latif Badhra

 Onshore – Near Field Exploration

 Near field exploration in recent years effectively contributed
towards the reserves balance
 Middle Indus 2020 activity focus on Latif (Latif South East) and
Mubarak (Sardar North); mature areas, near field with low costs
and near term anticipated returns
 A number of identified mid-low risk prospects
 Offshore – Frontier Exploration
 Focus on the broadly unexplored offshore Indus Basin. High Indus-C
potential prospects in diversified plays have been identified Legend
 Indus C and Indus N shallow water blocks: A number of identified Indus-N Eni Operated Licence

prospects with multi-TCF potential Eni Operated D & P Lease

Eni Non Operated D & P Lease
 Licence Bidding Process
Eni Non Operated Licence
 Focus on exploring applications in close proximity to existing fields 0 15 30 60
Km
___________________________
Source: Company Information.

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