BAKU, Azerbaijan, July 30
By Leman Zeynalova – Trend:
Oil and gas production of Italian Eni company is expected to reach around 2 million barrels of oil equivalent per day in 2023, rising to peak of around 2.05-2.10 million barrels of oil equivalent per day in 2025, Trend reports with reference to Eni.
Eni has updated its short and medium term strategy, and put in place a new Shareholder’s remuneration policy to face the effects of the pandemic on the energy sector, in terms of market volatility and the significant reduction in commodity prices.
All the other 2023 targets related to the energy transition businesses are confirmed. In particular, the installed power capacity generated from renewables is expected to reach 3 GW, and gas & power retail customers are expected to reach 10.5 million.
Overall investments in the four-year period 2020-2023 now amount to 27 billion euros, with a 4.7 billion euros decrease compared to the Plan originally approved and due to the measures put in place in the Upstream business in 2020-2021 period. Additional investments of 800 million euros in 2022 and 2023 have been allocated to the businesses involved in the energy transition, in particular bio-refining, renewables and the retail customer segment. An improvement of growth targets related to these businesses will result from the higher investments and will be announced by the next Strategy presentation.
Following the revisions, “green” investments will be 17 percent of the overall four-year period Capex (12 percent in the Plan previously approved), reaching 26 percent of the overall investments in 2023.
In particular, optimization actions on investments and costs equal to 2.6 billion euros and 1.4 billion euros respectively have been identified for 2020, with a further 300 million reduction in investments and 800 million reduction in costs compared to previous guidance. Actions to reduce costs for an amount of 1.4 billion euros and investments for an amount of 2.4 billion euros have been identified for 2021, amounting to 3.8 billion euros, an increase compared to 2.5-3.0 billion euros of only investments reduction previously announced.
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