Italy’s ENI targets 3.5 per cent production growth a year

MILAN (AP) – Italian energy giant ENI said it will increase oil and gas production by 3.5 per cent a year over its new 2019-2022 business plan, in line with the prior four years.

ENI CEO Claudio Descalzi said yesterday that production growth would be supported by ramp-ups of existing projects and start-ups that target 2.5 million barrels of new resources from 140 new wells. Investment in exploration is forecast to reach 3.5 billion euros.

By 2022, 18 new start-ups will contribute 660,000 barrels of oil equivalent a day and the expansion of existing fields will reach 290,000 barrels of oil equivalent a day. More than a third of the new production will come from the Middle East, Norway and Mexico.

Descalzi said ENI’s upstream business will be carbon neutral by 2030.