Capital expenditure
Capital expenditure of the Exploration & Production Division (€10,475 million) concerned development of oil and gas reserves (€8,580 million) directed mainly outside Italy, in particular in Norway, the United States, Angola, Congo, Nigeria, Kazakhstan, Egypt and the United Kingdom. Development expenditures in Italy concerned the well drilling program and facility upgrading in Val d’Agri as well as sidetrack and workover activities in mature fields.
About 98% of exploration expenditures were directed outside Italy in particular to Mozambique, Norway, Congo, Togo, Nigeria, the United States and Angola as well as the acquisition of new licenses in the Republic of Cyprus and in Vietnam. In Italy, exploration activities were directed mainly to the Adriatic offshore, Val d’Agri and Po Valley.
In 2013 overall expenditure in R&D amounted to €87 million.
A total of 9 new patents applications were filed, one jointly with Versalis.
Capital expenditure |
|||||
|
|
|
|
|
|
(€ million) |
2011 |
2012 |
2013 |
Change |
% Ch. |
Acquisition of proved and unproved properties |
754 |
43 |
109 |
66 |
.. |
North Africa |
57 |
14 |
109 |
|
|
Sub-Saharan Africa |
697 |
27 |
|
|
|
America |
|
2 |
|
|
|
Exploration |
1,210 |
1,850 |
1,669 |
(181) |
(9.8) |
Italy |
38 |
32 |
32 |
|
|
Rest of Europe |
100 |
151 |
357 |
206 |
.. |
North Africa |
128 |
153 |
95 |
(58) |
(37.9) |
Sub-Saharan Africa |
482 |
1,142 |
757 |
(385) |
.. |
Kazakhstan |
6 |
3 |
1 |
(2) |
(66.7) |
Rest of Asia |
156 |
193 |
233 |
40 |
20.7 |
America |
60 |
80 |
110 |
30 |
37.5 |
Australia and Oceania |
240 |
96 |
84 |
(12) |
(12.5) |
Development |
7,357 |
8,304 |
8,580 |
276 |
3.3 |
Italy |
720 |
744 |
743 |
(1) |
(0.1) |
Rest of Europe |
1,596 |
2,008 |
1,768 |
(240) |
(12.0) |
North Africa |
1,380 |
1,299 |
808 |
(491) |
(37.8) |
Sub-Saharan Africa |
1,521 |
1,931 |
2,675 |
744 |
38.5 |
Kazakhstan |
897 |
719 |
658 |
(61) |
(8.5) |
Rest of Asia |
361 |
641 |
749 |
108 |
16.8 |
America |
831 |
953 |
1,127 |
174 |
18.3 |
Australia and Oceania |
51 |
9 |
52 |
43 |
.. |
Other expenditure |
114 |
110 |
117 |
7 |
6.4 |
|
|
|
|
|
|
|
9,435 |
10,307 |
10,475 |
168 |
1.6 |
