Eni decides to reduce capex, opex for 2020-21

Eni decides to reduce capex, opex for 2020-21

BAKU, Azerbaijan, March 26

By Leman Zeynalova – Trend:

Italy’s Eni company will reduce capital expenditures (Capex) in 2020 by around 2 billion euros, equal to 25 oercent of the total Capex planned, Trend reports with reference to the company.

With respect to the information disclosed to the market on 18 March 2020, Eni has concluded in advance a revision to its planned activities as a result of the sharp decrease in commodities prices and the foreseeable constraints arising from the COVID-19 pandemic.

Operating expenditures (opex) are planned to be reduced by around 400 million euros for 2020.

In 2021, Eni expects a Capex reduction of around 2.5-3 billion euros, equal to 30-35 percent of the capex scheduled for the same year in the business Plan.

“The projects involved are related mainly to Upstream activities, particularly production optimization and new projects developments scheduled to start in the short term. In both cases, activities will be restarted as soon as appropriate market conditions appear, and related production will be recovered accordingly. As a result of these measures and the current depressed scenario, production in 2020 is expected between 1.8 and 1.84 million barrels of oil equivalent per day, and it will remain unchanged in the following year,” the company said.

Eni CEO Claudio Descalzi said that the company is taking these actions in order to defend its robust balance sheet and the dividend while maintaining the highest standards of safety at work.

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Follow the author on Twitter:@Lyaman_Zeyn

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